A link is established between the spin-fermion (SF) model of the cuprates and the approach based on the analogy between the physics of doped Mott insulators in two dimensions and the physics of fermionic ladders. This enables one to use nonperturbative results derived for fermionic ladders to move beyond the large-N approximation in the SF model. It is shown that the paramagnon exchange postulated in the SF model has exactly the right form to facilitate the emergence of the fully gapped d-Mott state in the region of the Brillouin zone at the hot spots of the Fermi surface. Hence the SF model provides an adequate description of the pseudogap.
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