let's continue the conversation with jim mccall can. canard jones -- jim mccall and richard jones. correlation is powerful but there are some its cost-cutting out there. richard: -- jim: i think the cycle is misunderstood. my believe from observing the numbers, there is a lot more technological deflation than most people credited with. carser it is technology or , it is becoming cheaper with better features and better performance, because of automation. because of the digital revolution. is under recorded in the economic numbers. maybe 2.5% growth right now is pretty good, because that percent growth in dollars is going further. francine: productivity numbers do not really matchup? jim: if you measured the functionality, it is going data -- growing faster than the data suggests. everyone is going around trying to say last week's payroll gains not as good as they looked. they are struggling to get that story. i think they are as good as they look and we are confused because of the deflation of banks in the economy. this underlines my general optimism for the u.s.. it doesn't feel to