pg respawning too fast

I receive the following error continuously daily:

--
INIT: Id "pg" respawning too fast: disabled for 5 minutes
--

The line in my inittab is as follows:

# Running the SQL postmaster for postgres

pg:2345:respawn:/bin/su postgres -c "/usr/bin/postmaster -i -D
/data/pgsql/data/>>/data/pgsql/server.log 2>&1" /dev/null

My setup is redhat 5.2, kernel 2.2.2, postgres 6.5

Is this ~really~ a problem, i.e. can I just pipe the errors to /dev/null
and forget about it, or is there some way to correct this? I have seen a
post similar to this on the list, but if I recall that error was in the
syntax.

All info is greatly appreciated!
T.I.A.-
Jim