It's like an old Jonathan Winters movie - 'The Russians aren't coming! The Russians aren't coming.' And they'll probably never be here.

The American consumer is like that bad guy in a zombie movie; shoot him; stab him. He keeps coming forward. But in the case of the consumer, it's more like: depress his wage, make him unemployed, ruin his confidence make no job growth, lower his savings rate -- none of it matters, he or she just keeps on racking up those charges.

The problem, ... is that the markets have fallen sharply and they've fallen because all these financial shenanigans are coming unraveled.

This is a little bit like getting a bigger-than-expected package in a much prettier wrapping and huge bow, but you open it up and it's exactly what you thought you were going to get.

My view is the previous months were the aberrant month, and June makes more sense.

Those two things could come into collision, and cause you to get faster hiring in the first part of the year, then have it catches up with you later,