This is one of those numbers that can kind of go either way. It means factories are producing more than they would have been, but if sales don't show up, then they have to pay it back. There's always the chance that doesn't happen.

Japan's big problem was that fiscal stimulus was not there. They haven't coordinated monetary policy with fiscal policy. That's what we're doing differently, and that's why we won't have the same problem.

Stocks would really get whacked, because they have priced in that some kind of economic growth is coming. A rate cut would be a sign that growth isn't coming.

Warmer than normal Januarys have a penchant for producing surprisingly strong payroll numbers.

It's one of those things. You either have it or you don't. It went the wrong way.

My concern is how we fit it in. Those minutes have to come from somewhere and that means we either take it away from instruction programs or lengthen the school day. I prefer not to do it, but that doesn't seem to make much difference.