  We consider the quasi-de Sitter geometry of the inflationary universe. We
calculate the energy flux of the slowly rolling background scalar field through
the quasi-de Sitter apparent horizon and set it equal to the change of the
entropy (1/4 of the area) multiplied by the temperature, dE=TdS. Remarkably,
this thermodynamic law reproduces the Friedmann equation for the rolling scalar
field. The flux of the slowly rolling field through the horizon of the quasi-de
Sitter geometry is similar to the accretion of a rolling scalar field onto a
black hole, which we also analyze. Next we add inflaton fluctuations which
generate scalar metric perturbations. Metric perturbations result in a
variation of the area entropy. Again, the equation dE=TdS with fluctuations
reproduces the linearized Einstein equations. In this picture as long as the
Einstein equations hold, holography does not put limits on the quantum field
theory during inflation. Due to the accumulating metric perturbations, the
horizon area during inflation randomly wiggles with dispersion increasing with
time. We discuss this in connection with the stochastic decsription of
inflation. We also address the issue of the instability of inflaton
fluctuations in the ``hot tin can'' picture of de Sitter horizon.
