• Dodd-Frank, Basel 3 help to address too big to fail
  • Smaller number of people underwater on mortgages
  • Simply don’t see much sign of inflation, though it’s a little bit on the low side
  • Job growth a little stronger than GDP would suggest
  • A lot of leaving the labor force
  • Have done better than other economies. US/European unemployment was the same level. Now Europe is higher.
  • Can’t be satisfied but moving in the right direction
  • Fed is doing what congress told us to do. Congress needs to take a longer term view