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Bill, we are creating jobs.

I see the temporary employment dynamics and all.

Are these good jobs we're creating?

Well, that's the question, are they good jobs? You know I suspect

that some of them are not great jobs. Some of them are at minimum wage and a little

bit higher and you know the the average income of

American workers is proceeding higher but not at a very rapid pace I noticed

that the hours worked in this particular report didn't increase.

Yes, the participation rate went up and I think Yellen and company would be heartened by that because

to the extent that it keeps going up it means more and more

people are coming back into the workforce and takes pressure off of their Phillips curve

and off of their Taylor model.

So it's not exactly a robust model from the standpoint of a hike.

It may be a robust model from the standpoint

of increasing economic growth, which I expect in

this quarter to be about 2%. How far away from normal is Janet Yellen's fed?

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