. >> plus, an exclusive interview with margrethe vestager.h in on inversions, the panama papers and the latest on google from the eu antitrust commissioner. >> and former farmer ceo will join us with his take on pfizer, allergan and the rest of the injury. >>> first up, jpmorgan ceo jamie dimon writing "the good news is the system can handle the volatility. the bad news is we don't completely understand why this is happening." joining us at post nine, tony crescenzi at pimco. >> nice to be here. >> nice to see you. do you have thoughts on dimon's letter? >> let me just take it higher and talk about the banking industry in general and relate it to central banks and all the recent market volatility, et cetera. the great danger to the financial system is faster rates of bank deleveraging. think of banks as factories. they produce something. what do they produce? they produce money. for decades, they produced lots of it and that's the indebtedness we have today. in terms of deleveraging post crisis, people deciding, entities, households, et ceter