I don't think we're going to see jobs collapse or disappear. There is a bit of fear in the air with what's been going on with oil prices and the hurricane that there's going to be some kind of collapse. But I think this economy is resilient.

It's the 'Red Queen effect' -- you've got to run twice as fast just to stay in place.

The jobless claims are a leading indicator. We would like to see it lead back down.

The basic message is unambiguous -- you've got inflation.

As the recovery takes hold, the vulnerability we have surrounding these issues will diminish and they won't be able to impact the overall economy. And then investors will focus on the good news.

To put this in perspective, a couple of years into recovery, we should be seeing 250,000 to 300,000 new jobs per month. We're not there yet.

It will temporarily depress some economic activity, in much the same way a snowstorm could.

[Rising home values] are making people feel they don't need to save.

One of the things recessions do is uncover weak links. When you're in a strong economy, a bull market, you can paper over a lot of things. When you get under some strain, these things show up.