i go back to what michael shaoul said. was fascinating to me, some of the calls we were hearing. there was a lot of gloom, but a lot of discussion about what the fed response will be and a regime shift. that to me was the narrative of the day, that biblical leon cooperman call for seven lean years following the seven fat ones. tom: i will go back to one of the essays for the weekend in "the guardian." he walked through the four bouts of sterling weakness going back i believe to the depression. we have seen than the last 10 minutes. 119.18 on sterling, driving dxy right up against when i wait as well -- against 108 as well. to me, jon and i were focused on those emerging markets, which is europe and the united kingdom. lisa: that is the shocking part of this. how much is that the epicenter of the weakness? these are not regions that can save their currencies and strengthen them through policy actions. what is the potential contagion? tom: we have had a firestorm of interest by global wall street, particularly the young lads

are pockets of distress but it is not the wholesale market shut down, market dysfunction that michael shaoulut. the fact that -- and i think this is a really important point that larry raised -- the fact that the fed is so worried about something coming down the pike they want that fortress of cash jp morgan to hold more cash and be conservative buying back shares tells you something very loud and clear. tom: there's a fundamental difference this time around, the amount of cash held, whether directly by banks, indirectly central banks, or just by the public. it is a radically different tone than 3, 4, times before. dow futures were negative 500, -460 now. i'm struggling here. a little bit of improvement in the last hours about what i can do on it. dollar-yen, 1.39. that is a wow statistic. please stay with us through the morning. the markets absolutely fascinating. fascinating. on radio and televis as a main street bank, pnc has helped over 7 million kids develop their passion for learning through our grow up great initiative. and now, we're providing billions of dollars for affordable home

tom: michael shaoul, really strong yesterday. it was good how he pulled it back to look and focus on europe. lisa: that seems to be the theme for today. also it is bleeding into a general fear of european equities. tom: the general fear two hours ago was more fearful than it was now. i could start with any item of data. the nasdaq slightly green. lisa: we have to talk about that currency story but in the perspective of the stock market because we see that dollar strength both weighing on the euro and the yen, becoming a weakness around the world story. the stock market shows a little different. they are out chili on performing anybody who is holding dollars. the chart shows you the s&p 500. the s&p 500 in dollar adjusted terms, what you will see is that in the last year, if you adjust for the dollar, your portfolio on the s&p 500 is flat. if you are holding it by the dollar, then you are seeing your losses eroded 12% in the last year. it speaks to that currency story, just how much of the dollar story is holding you back if your