week, down 700, then back up let's try to make sense of all of this and get real-world advice jurrien timmer off, welcome secondly, why are we suddenly seeing these 500, 600, 700-point swings intraday? what's changed is this a broken market? >> i don't think so. this is a market that does what it is always doing it's finding the fair value basically. you know, when things are calm, earnings growth is stable or accelerating, we know where the fed is going, the economy is stable, investors are generally willing to pay a higher pe for that market. pe is really what this all comes down to. we could be obsessed where the dow is trading, but it's what we're willing to pay for each dollar of earnings that is the ultimate thing we're trying to solve for. 2018 has been a year of transition going from 25% earnings growth to 7% next year. until the last few weeks we have not known where the fed was going to go. whether it would overshoot and commit a policy error to the upside we have more uncertainty on trade, on the yield curve. that's an environment where people are willing to pay less for a dollar

jurrien timmer and dave donabedian, thank you guys so much. david? is not just competition over trade and investment. it is also competition over how to fund the government, and it turns out china may be gaining. bloomberg'sten by editor-in-chief matt winkler. welcome back, matt. i have not been following it, but it sort of surprised me that china may be leading us a little bit on the cost of funding the government. will it for sciences we have been compiling data at bloomberg, china is feeding less on its debt than the u.s. is a income of which is unprecedented. been in could not have a better position in 2016 with rising gdp. in fact, record gdp. and low inflation, as already mentioned. relatively low interest rates and a very good fiscal outlook, actually. the budget deficit, the percentage of gross domestic product, was getting towards 2%. but all that changed in the past two years. one thing that happened for us, we got the street that -- this trade that trump initiated, which does not bode well for companies on either side of the atlantic or th