Steve's barking at the importance of velocity

I was doing my surfing on the tube the other day when I believe I heard an ex-governor of the FED say that velocity in the money supply is unimportant because it's not constant. I most be from another world or I didn't hear right, velocity in my word is exceedingly important.
High velocity is can generally a precursor to inflation, slow velocity generally means deflation and high unemployment. In my world velocity is almost if not more so in this day and age M1, M2, M3, and M4.
Strangle the velocity murder the economy.