Vertical-align: bottom not working

I thought vertical-align was supposed to work with inline elements. Yet for some reason everything in the gray div is aligned to the top, not the bottom.

<div style="position:absolute; top:130px; right: 80px; width: 230px; background-color:Gray; height:30px;" class="defaultText" id="pager">
    <span style="vertical-align:bottom;">Page Size:</span>
    <select style="vertical-align:bottom; font-size:8pt; margin-top: 0; margin-left:3px; height:16px; text-align:center;">
        <option value="50">50</option>
        <option value="100">100</option>
        <option value="200">200</option>
        <option value="500">500</option>
        <option value="10000">*</option>
    </select>
    <div style="float:right;">
        <span style="vertical-align:bottom; color:Blue; cursor: pointer; margin-right: 10px;"><</span>
        <input style="vertical-align:bottom; height:12px; font-size:8pt; width: 20px;" type="text" data-bind="value: pageNum" />
        <span style="vertical-align:bottom;"> of </span>
        <span style="vertical-align:bottom;" data-bind="text: numPages"></span>
        <span style="vertical-align:bottom; color:Blue; cursor: pointer; margin-left: 5px;">></span>
    </div>
</div>