Although the dispositional approach to job satisfaction has received a good deal of recent attention, a fundamental deficiency in past dispositional research is a failure to use existing theories to explain why individuals are unhappy and dissatisfied with their jobs. E. A. Locke (1976), T. A. Judge (1992), and T. A. Judge and C. L. Hulin (in press) suggested that thinking processes should be studied in relation to job satisfaction. This study tested the thesis that the cognitive theory of depression, which focuses on individuals' thought processes, will help in understanding both subjective well-being and job satisfaction. A confirmatory model involving subjective well-being, job satisfaction, dysfunctional thought processes, and other relevant influences was hypothesized and tested by using a stratified random sample of university employees. Ratings were obtained from 2 sources to reduce single-source bias. The results indicated strong support for the overall model and for the adverse effect of dysfunctional thought processes.