quickset think our audience would be fascinated to know how michael spence invest. academics have a strong opinion about how to place capital. formula?he spence >> after the crisis, i became conservative. i went to a specialized small investment house that found a way to find yields. there is a longer-term set of investments in private equity and absolute return fund. >> thank you for that clarity. this is something we will follow through the entire morning. across equities with bond currencies and commodities. futures are at -13. company news. >> a major new player in the t-mobile bidding war. -- bidding $15 million for a stake in the company. t-mobile has been in talks with sprint on a $32 billion merger. france's number two bank reporting a better order. it rose almost 8%. some general motors dealers say the automaker pressure them to boost sales figures. they were asked to buy more cars last month. that is how gm showed a 1% gain. july's sales figures are due out later this morning. we will break that for you when they come up. >> when we come back, argentina has

michael spence will join us with arguably the essay on the summer.new york university. michael spence on new digital economies. mr. mcafee at m.i.t.. a wonderful set of guests. busy morning. >> a very busy morning. what are people saying about the price market action over the past 24 hours? >> we're down three percent as you know. i just did the math on the correction. marketrection and bear is 14 thousand 100. nowhere near that. certainly more volatile with the vix near 17 than anything with seen in months. >> certainly is. looking forward to the show. later on in the show. tom mentioning he has bill gross joining him later on. pretty well known name in the bond world. his son knows very little about bonds. i find that the little bit hard to believe. he does know a lot about beats. he is making tech and media investments tied to the music industry. jon erlichman with him. >> 25 euros and the gross loves the drums. crazy one.s the he is the son of a legendary bond investor, bill gross. >> i cannot tell you what a bond is to be honest. i am like it is

michael spence is directing the excavation. he has just found some pottery in one of the ruins. spence: it's painted here. you can see that there's red paint over most of the interior except up along the rim. there's a little bit up there, too. it's going to be very delicate, very fragile. and i'll try and reassemble it and see if there's any sort of a design on it, or if it's just a solid red. we've been picking up pottery from all over the fields. and in examining the pottery, we saw that a high proportion of it was foreign to the city. and we knew from the work of others that it came from the oaxacan area. it turns out that actually it was produced here. the people moved here, but they continued to make pottery in their home tradition. keach: the pottery indicates that this compound may have been occupied by traders from far-off monte alban, an indication of a complex economy here. bill sanders. one of the aspects of culture that is extraordinarily variable is the economy. economy means the ownership of property and the production and distribution of goods. there are cultures