>> well, in 1870, jacob davis, who was a tailor in reno, nevada, he was approached by a woman who wastter. >> turns out that her woodcutter husband constantly rips through his pants pocket. it's a common problem. whether concealing a pistol or hauling heavy gold nuggets, the weak pockets just can't handle the stress. >> so jacob davis gets the idea. he saw the rivets on his workbench, and he decided to put those in the pocket corners. >> adding rivets to pockets -- it's one of those seat-of-the-pants innovations that make america great. the result? stronger dungarees that can stand up to the tough work thrown at them by the miners and laborers of the day. >> and after about a year, he was getting so many orders, he couldn't fill them. >> davis, who needs capital and manpower, goes into business with wealthy san francisco merchant levi strauss. on may 20, 1873, american blue jeans are born. a pair costs about a buck. levi's markets their denim overalls as the uniform of the working class. >> who bought them at the time? >> miners in the west, farmers, mechanics -- anybody that did hard

with us jacob frenkel and howard davies.lds, the world of macro economics and we will start howard at rbs, the world of banking. this is the quiet, the vix index way below the average of 20, the moving average almost down for the shock and all we saw in the 90's. the actual pricing of volatility is in the equity markets. it is quiet out there, we saw that with jpmorgan, with bank of america. like i am not going to nose into rbs' thing, but how do you get out of the quiet? howard: i think there are things to worry about. the most i worry about is what happens when the bank of england starts to tighten? we have not had a rise in rates for about a decade in the u.k., and we just do not know how people will respond to that. in principle you can say, our book looks good, people can see this coming, but how will they behave? we do not know. tom: we just do not know. stanley fischer sat in the chair a week ago and talked to me, we just do not know. jacob: we know one important thing. when the economy is robust and improving, taperi

this morning, we spoke with jacob frankel of jpmorgan international, and harvey davis of ips.spirited conversation on this linkage of economics and finance. we now are speaking with absolute or -- axel weber. he is -- six years now? chairman of the ups -- ubs group. when i took the job, -- mr. weber: when i took the job, i said it would be five or 10 years, and i have achieved many things that ubs in the past five or six years. so complacency is not really one. tom: what is a surprise of running ubs? union bank of six or lend -- switzerland, and some real -- not struggles, but challenges, in the turmoil of present banking. what has been the biggest prize for you? i think the biggest surprise was how successful we were in rebuilding the old brand and how fast we got there after we decided six years ago to focus on the core of wealth management and asset management. many of the banks were waiting for trading revenues to come back. we were very clear -- ubs is probably the only truly global wealth manager, and we focused the bank on that. tom: does this change the intellectual a

emilie davis and her husband had at least six children. jacob and george, maria, emily, carrie and julia. when she died in 1889 at the age of 50, the younger children were still at home, likely, and the older ones seem to have stayed in the city. emlie had lived long enough to see the end of slavery, and to chafe at the racism after the war, and to be married and have her own family into have them on hand when she had her final illness. it is nice to imagine emilie riding an integrated streetcar. if she did, she most certainly would have recorded that in her diary. we don't have her diary from that time frame, but it is nice to imagine that for emilie and people like her. carolyn lecount talked until 1911. according to my favorite source from this time. "tasting freedom" in her long life she continued to fight for civil rights on streetcars, and, among other places, the city's school system where she defended black teachers and advocated for them in front of the board of education. in her more than 30 years of teaching in the city's black school