jonathan: let's talk about em. i caught up with our columnist earlier this week, take a look. >> if you are overexposed to turkey, i would reduce exposure. i think turkey is trying to rewrite the crisis management chapter in the playbook for emerging markets. it is trying to go without the interest rate hikes and without the imf. that is not impossible, but it is hard. jonathan: he followed up by saying if he was back in the game, he would be loving what is happening right now because the market is not differentiating between strong names and weaker names in em at the moment. >> i totally agree. in the case of turkey, they are ignoring the signs in front of them. with the idea of keeping growth alive. so they are not raising interest rates as fast as they need to. they are not seeking help from the imf. it is hard to think that this is not just one bad case after the other which could cause a contagion. but i do not see why they are not reaching out right now. jonathan: is it still just idiosyncratic? >> the fact t

jon: let's talk about em.ith the columnist earlier this week, take a look. >> if you are overexposed to turkey, i would reduce exposure. turkey is trying to re-write the playbook for emerging markets. it is trying to go without the trade hikes. it is trying to do it without the imf. that is not impossible but it is hard. jon: he said if you is back in the game, he would be loving what is happening right now because the market is not the differentiating. agree.tally in turkey, they are ignoring the signs in front of them. with the idea of keeping growth alive, so they are not to raising interest rates as fast as they need to. they are not seeking help from the imf. it is hard to think that this is not just one bad case after the other that could cause a contagion. i do not see why they are not reaching got right now. jon: is it still idiosyncratic? >> the fact that these are really large reasons within the em -- argentina was also in the news and brazil's elections coming up. idiosyncratic but really big blocks

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em: wonderful, thank you very much. robert: all right.ell, next up, a unique feature for this year, the innovation pavilion spotlight. you'll want to hear about that, so stay with us. by living off the grid. completely. you could generate your own energy, at home. maybe you could save energy by weaving your own shoes... out of flax. or... just set the washing machine to cold. do your thing, with energy upgrade california. festival because it's a unique attraction, the pistahan innovation pavilion project. joining us is mary jane cordova-ly, the festival manager, a driving force for pistahan the past decade. and the innovati as well as michiko wagner, also the co-manager of thoj thank you all for being here. mary jane, give me an idea sort of the overview first, the seven pavilions. what are we talking about there? mary jane cordova-ly: so, we have seven great pavilions. chris and michiko are part of one of the seven, and we have an art pavilion featuring this year three artists, local artists: tony remington, trinidad escobar, and carmela

how are you playing em? tend to be longer term, but in emerging markets, we are playing a short-term gain. number one, we have heard the overhang in tariffs. we have this renewed tension around turkey. what has been driving the weakness in emerging markets this year is the dollar. from a technical perspective, if you are looking at the dollar and you are not seeing any evidence that it is going to begin to weaken. longer-term, it should be weaker from our budget deficit and treasury perspective, but in our perspective, to step in front of this while the dollar is still an issue, terrorists are at are at issue,ffs and china is an issue, it doesn't make sense. david: when you look at growth, earnings expectations, the top line is the blue line, the u.s. across the board outside of china, it is all going down. can this continue? can the u.s. continue to go in a different direction from the rest of the world? shannon: no. what we heard yesterday is china is falling apart. that was a, that was made. comment that

we talk em next. zte reports. we're live in hong kong, this is bloomberg. ♪ nejra: economics, finance, and politics. this is "bloomberg surveillance." i am nejra cehic in london. let's get a bloomberg business flash. nigeria has ordered for banks, including citigroup and standard chartered, to return $8.1 billion they say was illegally asked patriot over eight years. the wireless operator quote strongly refuted the claim. theria's central bank says for banks will be fined $16 million. was ordered to participate in the refund and shares have fallen sharply. seen their credit rating cut to one of not above jump, adding two problems of the structural reforms. ofy have cited the erosion the global business decision and of the turnaround plan that could cost more than $10 billion in the next 3-5 years. vodafone hutchinson australia has said they will merge the local broadband providers in a better attempt to challenge market leaders. the transaction loss in u.k.-based vodafone and hong kong's ck hutchinson for two year

let's talk about what this means to broader em. i keep getting told every time i bring up emerging markets, the problem is idiosyncratic and the spillover will remain local. have things changed? >> today, you are seeing more of a broader risk off tone. that makes sense because what is happening is for those funds that have exposure to em, they're going to want to make sure they have enough liquidity. you go to the most liquid countries to raise that liquidity. we are seeing selloff in local markets, but i do not expect that to last. this is not the asian currency crisis. we have floating exchange rates. most countries have used external debt. you are seeing the weaker players selloff and that is where there will continue to be worries with the dollar rallying. i continue to believe em is idiosyncratic, not just an asset class at risk for further contagion. jonathan: kathy? >> i will take the other side of that trade. >> every time i hear something is idiosyncratic, it is not. it may not be of the same magnitude of other crises we h

law enforcement, firefighters and ems personnel. for those of you that will be here momentarily and in the audience there, the associations that you represent, thank you. and thank you for your dedication, your service, and your continued here momentarily and in the audience there, the associations collaborative support. if i can get the panel members up here right now. gentlemen. to our distinguished panel, good afternoon. ease take a few minutes to introduce yourself and tell us why this video and guidance materials are important to your stakeholders. introduce yourself and tell >> i'm the vice president of fraternal order of police. about 340,000 members coast to coast. representing rank and file law enforcement. keeping our members safe is one of the top priorities of the fraternal order of police. one of our top goals is to protect themselves from fentanyl exposure, from treatment. hrough so we're looking treatment. so we're looking forward to this video providing correct and accurate information to our members and allowing the

turkeys turmoil also spilling space.to the em the dollar rising spilling over into the em space is wellr the biggest global mining companies losing about $15 billion but the combined market value since the start of this week. that is through yesterday. i want to finish with the big decliner in europe today. the entire government beginning the process of revoking its toll road concession in the wake of that tragic bridge collapse in genoa. has provoked major finger-pointing in italy. it's like a move by the populace government to revoke the toll road concession which would affect atlantia and its subsidiary. the has thrown atlantia and its largest shareholder the benetton family into a fight to salvage investment and protect its fortunate anger over the tragedy . increase the shower shares atlantia down. that's european markets. >> here in the u.s. we are seeing the sentiment over those trade talks restarting between the u.s. and china. also give a risk assets a list the dow getting a lift. you can see outpacing gains on the s&p 500. that is the walmart effect. again in the shares of the

say em currencies.aybe it's because em currencies have been so beaten up, starting with fed rate hikes. so many things. argentine inflation, the turkish lira, erdogan's problems. but now you have a situation where the u.s.-mexico trade deal looks like it might go through. there is something on the table, canada rushing in to see what they can get to maintain the nafta relationship, if not the agreement. but three straight days they have been up. they are on their way to their best move in a month, when it comes to moving higher, partly because they have been so pessimistic, even a ray of hope helps. what could happen now, president trump is getting ready to look at the end of the 200 day public comment period on september 6. this is what lies between $200 billion more of tariffs on china and something that could possibly happen between the u.s. and china by then, but of course, trump just said he's "not ready" to talk trade with china, and the chinese have not looked especially eager themselves. this co

talking about the stronger dollar and its impacts on em.n a few analysts coming on bloomberg tv and i've seen that people are starting to flip the call for dollar weakness.dollar where do you lie on this and where do you think it is going safe i the end of this year? >> i think the word idiosyncratic is a good one because we call it a nonlinear event. people who have covered em, the moves in the currency markets in the last 48 hours have been very unusual. they're in mind argentina raised rates to 45%, and still the currency was falling. i think part of it is there is a self reinforcing cycle as people want to liquidate out of em physicians. that is causing the dollar to which is causing further problems for the em complex. the way i would look at it is money market in the u.s. are suggesting that we sort of see a peak in rates in 2019. in some sense, there is a relief that may be the dollar strength itself will actually start to peter out toward the end of the year as the market begins to feel that the rate cycle is ending. i think that's

big trouble in the em. if you're looking for disaster, it's going to be in the em.y is probably doubling down on that because they are really telling the u.s. to go fish. caroline: brian, you brought it up and mentioned oil. -- upat one point percent 1.4% across brent. it has been a down week. when you see the oil prices going -- where do you see the oil prices going with the push and pull of supplies of iran? brian: we have a destructive thed for oil because of uncertainty around the tariff regime. tariffs are taxes and the u.s. and china going back and forth raising taxes, including no one buying iranian oil, but no one will so we want. that's the increase of the price of the dollar and just nascent demand destruction because of globals what looks like sacredness decline in demand because of -- gdp because of all the tariff nonsense going on. we do not have a good policy or about policy. we are not sure what the policy is. you are going to sell it if you're not sure. caroline: six weeks of losses for oil. brian battle, we thank you. julie: let's turn to our stock

drag do you think this chinese slowdown is to the em trade?i think it slows the em trade, but ironically, out of the u.s., what we are seeing is china is less willing to have a trade war with the u.s. i think week chinese data was part of the reason we arose today. more people have put together the idea that if china is weak, they are going to come to a trade deal sooner rather than later. isk chinese data right now viewed very good in terms of how people view the trade war. yvonne: stay with us. we will talk more about the u.s. side of things. care to discuss the implications of turkey's economic troubles and action from the fed. rami: later this hour, a former economic adviser to henry kissinger tells us how america's dispute with turkey as well as china could affect global growth. this is bloomberg. ♪ asia." this is "daybreak i yvonne man in hong kong. rami: i am remy inocencio in new york. stocks --day fall, concerns about turkey's lira crisis. it helps that some strategists are saying turkey's turmoil isn't like the asian financial crisis

spilloverrly there is in some em assets and in the entire em space. a jump in asian trade and a big move dollar rand to the tune of 8%. it has come back from those extremes. are we at a stage where the entire em space could be affected by turkey? or is it fairly well -- are they fairly well insulated? mariann: i think it could be a very short-term hit to the em side of things, but we do not expect this to carry through. you know, we look back at the italian lira situation a few months back. that was quickly modified. it may not be that quick for turkey, given their political situation, but we do not think it will be a lasting impact on the emerging markets. mark: if imark: may, i know you like buyer. we know it is in the news today. shares lost 10% of its value. biggest drop since 2003 on the back of this monsanto case. it has to essentially payout $289 million in damages over claims that the herbicide causes cancer, this roundup weed killer. are there ramifications? what are the litigation effects? are we looking at a big bill for bayer, which is tak

bid on em currencies? and state of american economics. we saw the inventory build yesterday. tech equities was just extraordinary. tiffany's just killing up. its tiffany's new york city for those of you on radio. i will send you out a photo of audrey hepburn in front of tiffany's having breakfast. stay with us. this is bloomberg. ♪ tom: a meltdown in currencies. , they cannotuby find a bid. american equities continues to surge. wars, a mostural eventful november. trump searches google. he does not like what he sees. "google has it rigged." this google saying -- this goog le thing, it is different in europe. this is a fascinating story. google's response is we bring up relevant news, it is not partisan. it is interesting trump has taken this stance against these tech companies, telling them to be careful. tom: there it is, a developing story. first word news in new york. here is taylor riggs. taylor: the u.k. and european union are backing off their october deadline for a brexit deal. they hope to finalize

do you buy into that weakness in em because there's value there >> em is looking interesting but it'soo early we need to see whether capital controls are put in place or not. hopefully they're not. you could get forced liquidation among em >> is it safe to buy u.s.? i don't think the market is ready to break out yet because we're getting to that point where it is important how far the fed will go. i think 2019 is a more pivotal time for the market. by then earnings growth will be back down to trend of 7% the pe at 15, and the fed hopefully will be closer to being done that's a better time to get the all clear. >> tom and jurrien, thank you very much for joining us >> thanks. >>> coming up, home depot posting a big earnings beat. the stock is trading higher by more than 3% we'll have more on that report >>> as we head to break, here's the biggest premarket winners and losers at fidelity, our online u.s. equity trades are just $4.95. so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today. >>> home depot just releasing its second quarter r

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isontinue to believe em idiosyncratic, not just an asset class at risk for further contagion. jonathan: kathy? time i hear something is idiosyncratic, it is not. it may not be of the same magnitude of other crises we have seen. , lesshard in smaller liquid markets to separate out and isolate when you are in the throes of a situation like this. later on, there will be some bargains. it is never different. jonathan: when you look at the situation and you have this many countries that need to raise short-term rates aggressively, do you choke earnings? before you know it, you've got a different kind of problem? we areink so but when thinking about contagion, we should be looking at countries that look like turkey. it is not clear there is a country with that and external imbalance of that is on the same scale or magnitude. that's point, one thing could make this less idiosyncratic is you have this big move in the dollar. that would make problems more generalized. it is making problems more generalized and that is the thing to watch. jonathan: it has been great to have you with me.

on to ems, crews respond to reports multiple shooting harris and 24th street.as pronounced dead at the scene and the other was transported. pedal cabs i like to thank cochran for the multipl multipl. done throughout june. commissioner veronese i added the identifiable home address. we updated that report for you. it's on page 15. ems six. we went to tenth. one of the areas -- we put the station's numbers for you. next month we'll have the address of the stations so the public know where they are at. ems6 doing good job. also attached to my report is fire prevention investigation as well as the airport. i like to mention congratulations to you. thank you and great job. i like to congratulate rex hale, assistant chief. there's a guy that i respect a guy. he's one of my dad's best friends. he's company officer station six. rex was one of the young firefighters. he told me after the fire, he's the real deal and he was right. good job. that concludes my report. any questions i'm available. >> president cleaveland: any public comment on the chief's report? seeing non

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what stands out is a complete anti em sentiment in markets people do not want to be exposed to em becausehtening liquidity retrieved by the fed and a lot of tral bacentral ban. how hard has it been to push an em bond in this type of environment? do you think it would have been easier if things were positive around em? >> we are proposing something that has the diversity of the em debt space, at the same time allows you to position in credits that perform better from an esg perspective if you take the standard jpmorgan and global diversified returns over the fast five years and you look at the comparable index, returns are on par. in fact during the period of the bear market from mid '13 to early 2016, the esg version of the index performed modestly better you have the opportunity to potentially contain that draw down >> right we know all emerging markets are different. that's been one of the common themes in investing in emerging markets. you need to look at individual countries and stories. esg is very different in these places india is advanced on esg how hard was it to have an even spr

dollar were not favorable for that em space?ark: no question there are opportunities in emerging markets. because of this incredible decline in the currencies. but we have to be very careful about which countries we want to invest in, and which companies in particular. because leverage is all of the story. we have to be given a to be investing in those companies that are heavily leveraged. the story about tesla is really about the debt, and about its ability to pay all of the debt it has. with interest rates rising, you are going to have problems with many companies around the world not only in the emerging markets, but in the larger markets. that is true of the countries, country debt with higher and higher interest rates in dollars is going to be a problem for many of these countries. rishaad: mark, that is it. that is one of the key, systemic risks we have from turkey, is it not, with a lot of companies borrowing in dollars and with the depreciation of the currency by a half since the start of the year, could lead to some ser

em stocks falling -- following commodities lower.is bloomberg. ♪ julie: some breaking headlines on tesla. a report out from fox business that the sec has sent subpoenas to tesla on privatization plans as well as elon musk jiggy infamous statement involving funding secured. infamoususk's statement involving funding secured. what is new is the subpoenas that are being reported. the signals that the investigation has reached the quote unquote formal stages. foxbusiness reporting this in a tweet and it looks like it is having an effect on the shares which is why it is worth mentioning that shares were already down on the session and it looks like they are taking a further leg lower. 4%, moreres off by than $100 below that $400 -- that's $420 that -- that $420 that musk had floated. turkey jiggy financial crisis to the u.s. trade war with china, and emerging-market contagion appears to be infecting commodities like copper. cmp. bring in -- at the what do you make of the selloff we are seeing in metals? let's talk copper in particular. is

the backdrop is, you have em contagion.l em contagion worries into your optimistic equity view? sebastian: that is a great question. . the main reason for these idiosyncratic troubles you have seen this year is dollar strength. look at the emerging markets over the last 20 years. there is one main driver, which is the dollar. in a period of dollar weakness, like laster where the dollar dropped 9%, life was sweet and easy. it is when the dollar strengthens that pressure is on. much.hank you so we will continue this discussion in our next hour. the president in conversation with bloomberg news. we look at the perspective and analysis, particularly driving to those midterms. horizon investments chief global next.gist is stay with us throughout the day. this is bloomberg. ♪ tom: let's look at a chart right now. ofs is euro swiss off brexit. franc.weiss are breaking down the new flight to quality swiss franc strength today. all of that brings to mind the distinctions between continental europe and switzerland. with us is sebasti

tom: as the market moves, and you have been talking about the isitics as well, you do em, this an eme opportunity and russia? >> let's figure out what this latest sanctions iteration is going to be. if it is like april 6, big names, sovereign debt, that makes it a different story. i feel more comfortable investing in russia if i saw some hope of some improvement. to 2008, thek direction of travel is clear in terms of the deterioration. i don't see any of that. this makes it much more difficult to read. russia macro policy is extremely good. michael policy is terrible. business environment. there is no growth because of micro. francine: are there any other emerging markets on the backs of turkey or with the fed or the dollar or wrubel, any other markets you would worry about? how much can this affect other emerging markets? >> you have brazil, south africa, argentina obviously. if you take each one of those, what is interesting about em this year is it is the standalone story. south africa, brazil, we were all worried about the fed tightening. it is the country story. nigeria survive

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joining us, the manager of em debt at the monday asset management -- amundi.out what the rest of the day looks like carried we have the call coming up at 2:00 p.m. london time. what do we need to hear on that call from the finance minister? 1000 investors will be on the call. what do we need to hear in terms of stabilizing the situation? >> ideally, more substantiated fiscal plan. the budget, what are we going to do, give me some numbers. will there be any fiscal rules? notwill they achieve -- much worse than where we are without compromising growth too much. this is what i am half there. >> what do you think about the turkish risk wants to u.s. sanctions? they declared their own product boycott and also, they reduced their treasury holding significantly. they were on the list of major owners of u.s. debt and they dropped off of that. esther: i think so far, the hostile, but ien economically speaking, turkey has a lot of to do a lot ofs retaliation. guy: did you expect this? what do you guys see coming for turkey? for the last few months, it has been very clea

for fire and ems tells news4, willson is an ployee of d.c. fire and ems where he works as a firefighteee he has so for a little over a year. he was arrested for drive agatv in a public space. willson has been placed on administrative leave. d.el police us they made three arrestsra and seized se atvs on sunday. live in northwest, jackie bensene news4. >>>ve got breaking news tonight. head football coach at one of the country's top programs get suspended for three games for his admitted mitt handling of domestic abuse allegations against a member of his coaching staff. urban meyer leads the program at ohio state university. he fired his assistant zack smith this july. his ex-wifeays meyer knew smith was busing her as far as back as15 and failed to do anything to stop it. tonight meyer apologized and said he wishede had been told more. >> i followed my heart and not my head. i fell short because at each juncture, i gave benefit of the doubt. i did not know everything about zack smith which was h whatwas doing and i'm pleased that the report made

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i'm of the curious as to why when you look across em's now asian em affects dozens be as effective asink that is? >> good morning. a lot of the currencies we are seeing in asia have been to a large extent part of the impact of the decline and it has bought a lot of impact on the region and this is to some extent the region coming in slower. for many emerging asian , there is a deterioration in we shouldn't be surprised if the asian markets are off as it is still a little more sensible. there's quite a bit of stability in terms of the fundamentals and we are looking at what we have to's he from the turkish government. >> what are your top conviction calls? shorting dollar-yen, which today is working quite well? is there anything apart from this being a risk aversion why you areon as to recommend shorting dollar-yen? to bring that to the the of japan meeting, dollar-yen, the meeting has been a reaction to the fact that the it's not just what the market was expecting, the anticipation had been building but if you look closely at the moves, the flexibility that was given, sooner or later

markets stateside bouncing as they parked some em contagion risk fears that risk appetite was displayed across the session fairly broad based when you look at the sectors but the china story has been causing negativity for these markets. we had some data that showed an increase of more than 1% spread across the cities in china and tested the narrative that china can stimulate the economy if trade tensions prove negative for the mainland market. it could unlock another credit problem in the housing market. the shanghai composite and csi trading lower. tencent having an impact on the hong kong market japanese stocks, too, going with the broader trend across the asian markets. down in the trading session. >> thank you very much for that. the turkish banking watchdog announced banks for ex swaps will be limited to 25% of equity the lira is firming versus the u.s. currency. 5.3%, 5.4% higher in session and we're seeing higher interest rates into deeper auctions is the government doing what the international community is asking or are they still wanting? >> i got off the phone of one local ec

we started with the market being long em effects and em assets. that was one of the most crowded trade. now positioning is clean assuming that the fed will continue a gradual and cautious approach from now on, which is consistent with what powell told us at jackson hole last week, i think there are em opportunities looking ahead. >> is turkey one of them >> this might be the exception that proves the rule i think the spillovers of the turkish lira to other economies is exaggerated i think we'll see less of that looking forward. turkey is not out of the woods yet. they need to address market concerns in addition, the dispute with the u.s. continues unless you have a comprehensive approach to address these issues, risks for the turkish lira remains >> is there any indication there will be that comprehensive move? >> probably not. it's difficult to put such a program in place usually when you last at past emerging market similar cases, the imf, who is there will support such a program but i think now the market is in a wait and see mode. but most lik

a large number of em crisis. secondly, and appreciation in the value of the dollar. an increase in interest rates which means those debts are more expensive. that is the origin of the crisis. that trend is not going to end because the fed is intending mode. the u.s. economy is pushing forward nicely. we will see maybe 4% for the third quarter. the medicine is still being taken by a very sickly patient. as you are indicating, when his

speculation that you would see some acknowledgment of the em vol, but we think that is wrong. we are waiting and seeing. jon: the ideas of the federal reserve is going to respond anytime soon to international situations, are they? i see no sign of that. no, it does not seem likely. maybe we will get a little bit they expectout what

what jay around it is powell is thinking about the em terminal.r effects for fed policy. does he think the trade disputes will have affect on policy. fed broadly projected in november. much less certain will they go ahead in december. a lot of question marks and interest on jay powell's speech. ramy: the ecb is particularly worried about global growth. is there a chance we measure anything at all that changes the very clear policy path we have. the drug is already laid out the next -- that he has laid out over the next year and a half? mike you mentioned, keeping interest rates at their record low until mid-2019. at least it is an opportune time to hear from him on just how he thinks the situation in turkey, the situation in italy is interacting -- impacting the ecb. trade disputes between u.s. and many key trading partners around the world, and the broader em volatility. china's slowdown, how all of that is playing into the ecb thinking. certainly potential for him to flip the script, but there has been a lot of thoughts. there could be new crown

kids would swallow 'em, and they wouldn't show up in x-rays, either. >> so instead of circulating the coins, the mint melts them down. and it takes back the few it handed out. the 1974 aluminum penny becomes as elusive as the proverbial unicorn... or maybe not. >> i began doing additional research, which led me to think

em is going to be perhaps really hurt as we start to see dollars come here and u.s. interest rates go up. >> no so i think we've already seen interest rates move higher in the u.s weather seen probably twe've pre the bulk of the move so far and yet emerging markets have done well they've did well last year i think that we've seen over the last rilght now, valuations are cheap in emerging market, but they've improved dramatically. their current account balances, outside of a couple of key risk companies like turkey, south africa >> we talk about it all the time but if you look through the rest of them, they've improved dramatically, you're finally starting to see earnings growth pick up in emerging markets, you're starting to see gdp

tom: where are the em correlations now? every pro i talked to has full radar up on em.the correlation levels? elsa: we are seeing a return to risk on risk off markets across asset correlations in general rise. that means if you looking for true fundamental value, it is better looking at relative value trades in g10 or e.m.. there are trades where you cross one risky currency against another, and you look at the underlying fundamental story rather than the risk off sentiment. tom: moving over to the business world and everyone focused on the turkish banks -- you mentioned the transmission of this financial gyration to the real world of business in turkey. explain. cristian: there are different ways the turkey crisis can translate globally. one channel is through the real economy, trade. turkey is integrated in the mobile -- global value train and has many trading partners, europe in particular, many others. shrinkage, a bop exporting countries will export less to turkey. the second way is through banks. there are linkages with europe and other banks but they are not unma

, but it does not mean avoid em altogether. to have you. we hear more about emerging markets next. this is bloomberg. ♪ a quick check of the latest business headlines. for has seen is credit rating dropped by moody's. companydowngraded the to be delay three with a negative outlook, citing the erosion of towards global business division in the turnaround plan that could cost more than $10 billion in the next three to five years. yvonne: standard chartered me face new fines in a criminal investigation. are weighingies action against the bank and individual employees in announced -- and an announcement make this year. ramy: a new data-driven strategy and -- smarter loans says the bank must embrace technology or risk being left kind. the way the world has developed, we have to go with that flow or be marginalized. hasbanking industry developed its own access channel to the world. >> when it comes to the fee income growth, that is getting hurt as well. in terms of new revenue stream, where do you see it coming for? usedod transactio

a prison in tehran. - so he hired a former green beret to put a team together to go in and rescue 'em. - it was a very patriotic thing to do but also risky because there was an argument h thwas taking foreign affairs into his own matters, but to him, these were his employees, and he felt that it was his duty to rescue them. - the rescue is like the theft of a diamond' it'something that you plan very carefully. you wait for an doportunity and yot. - ken follett wrote a best-selling book on it called "on wis of eagles," and that was turned into a movie. - hello, dr. kissinger. my ne is ross perot. the iranian government has just arrested two of our e executives. - he was a folk hero in that sense, you know, whereas people were kind of down on carter for being mired in the iran hostage crisis. you know, perot took action. he got it done. he got h guys out. narrator: in 1984, perot merged eds with the giant general motors, but almost from the beginning, perot and his people found it difficult to work in the gm environment. - i come from an environment where if, s when y a snake, you kill