Why is the wheel bearing grease leaking out of the dust cap?

Hello all:

I packed the wheel bearings on two vehicles some time ago that haven't been driven since, and both of them are seeping the "carrier oil" or whatever it's called out from around the dust caps. I used some type of red grease who's brand I don't recall, but as OCD as I am about using good quality stuff I'm sure it was a name brand of the correct type. I noticed it was doing the same thing inside the bearing packer. There would be a puddle of clear oil in the center. The grease in my grease gun does the same thing. What's going on here?

Maybe I'm being picky but I don't think any type of modern grease that is intended to lubricate under heavy loads and high temps should be oozing part of itself out onto my wheels or my garage floor. I've looked for the brownish grease that wheel bearings used to be packed with, the fiber stuff and I guess it isn't made anymore. I don't recall that grease ever separating.

My friend who works for Boeing claims that grease that separates like this stuff is doing, has lost part of it's lubricating abilities and shouldn't be used...but if the consensus is that it's not a problem, I will use a rag and wipe the hubs periodically.