dana peterson, and scott, and professor of finance at depaul university. giving en struct to me. ath penaltia dana turn to you first, where arery headed if fed raising interest rates? market right now, whether it is crude oil market, or commodities, we're talking about insane price distribution -- depress -- depricing a here. >> i think important thing to think about is not time but the pace of normalization, fed officials have signaled they prefer to go slowly in a measures pace of a nondisruptive manner. lou: are you concerned about deflation? >> well, so far we think that most of the pressure is on en flag from commodity price -- inflation, from commodity prices, and low oil prices. it transitory. lou: do you think we should -- well we could go on with that. scott, break the tie. are you concerned about deflation? >> i would say this, yes. but for fact that only reason i would not be is that we have a population growth that would be off the charts, we're seeing global rate compression, canada said they are going into a recession, you could have a global recession -- there are r

. >>> joining me now, dana peterson. dana, good to have you with us. forbes contributor gordon chang, good to have you with us. let's start with these markets first. is this an indication of investor concerns about our economy, the global economy, china or some combination of all? >> we think that these are mainly investor concerns about what's going on in china. market volatility notwithstanding, the u.s. economy is actually doing quite well. real gdp was up revised early second quarter. third quarter data has been quite positive. car sales up 17.8 million units in august, which is actually quite strong. lou: i can remember quite vividly when some of the carmakers did not think they would return to 15 million units, let alone 17. gordon, the relationship to china, as dana says, investor anxiety, fear over what is happening in china, yet all the wags from u.s. multinationals say there is no problem with china because it won't influence our markets, our economy. what's going on? >> i'd like to know the name of the genius who said we should tie our econo