owen sempft is from bnp paribas. charles was pointing clearly saying in his opinion three things, one of three things need to happen, better corporate earnings, stronger news on the economy, action from policymakers. what do you think is going to stop the rot, stop the selling of equities? >> i think the good thing about equities is they move ahead of the reality and the economy. in a way we probably need to wait and that sounds a bit daft but for those three things to come through, i think the chances are very low. i think what the equity market is telling us is that there's a real problem with what people thought the global economic growth rate was and what it's going to end up being and it's going to end up being much lower than what people expected. >> given the sell-off we've had so far, what do the markets say about where they think the economy is going to be? have they built in now a recession in the u.s., as suggested will happen? >> i don't think the markets have built in a recession yet but clearly moving i

that then cascaded to effect italy in bnp paribas, also any european bank was hit by the same rumorsey have capital shortages or they're in deep financial do-do. no, we're actually fine, don't feed on this piece, we're doing fine, but the markets got ahead of themselves, they sold on that, and that is sort of raising these concerns we could have another blackrock. blackrock was a british institution some years back that was having financial troubles, there was a run on the bank. you might remember the images of depositors lining up outside the bank to withdraw money, and that's what they wanted to prevent here. we're not at that stage yet by a long shot, but fears do compound themselves, and people the better part of valor says i want to be safe, just take my money out. they're not doing that, but the more reports they get like this and the more the market feeds on this and the more we see european financial stocks getting powned on this -- pounded on this, that index is down north of 30%, then the more those fears heighten. bill: sounds like they smelled a rat and did not want to ta