- walter badgett and tom, of course. to say well done, sir. >> that is our order question of the day, certainly apropos -- is the fed fueling a stock bubble? tweet us @bsurveillance. ♪ >> good morning, everyone. "bloomberg surveillance." i am tom keene. it is a battle of the bowties. james grant is our guest house, writes "grant's interest rate observer." in this 2014, we are fixated on the economy. we guess that the economy will do, not wondering what exactly is the strange phrase "the economy." jim grant takes us back to the classic 1948. describe the economy. what is a? >> tom, it is not exist. you cannot touch it, see it, smell it. it is the great multi-trillion dollar abstraction. we talk about it as if it were a thing. it is a concept. it is a concept of very uncertain dimensions. we cannot actually measure it as well as we think we can. diane quarrel came out with a aok a few months ago about short but affectionate history of the gdp, and she admits so much effectively conceived but you really cannot measure it ve