peter fisher has a more optimistic outlook.in rates -- adjusted rates -- what is the environment mean? >> step back and think clearly about real borrowing costs. 100 years ago, if a kansas corn farmer faced falling prices of corn, his income was falling and his debt payments were fixed. that debt burden went up. the factory worker had rising really income. we have to think clearly about what it means to borrow. business today have positive operating margins, 10% or better. the army are borrowing money for free. not because inflation is low -- we have to untangle that. >> bringing microeconomics into the view -- let's take the germans. a weaker euro is a plus for germany. these are good things. >> that is unquestionably a good thing. not a good thing from the low yields in europe. they make money on the term premium. the spread between short-term and long-term. when it gets flat it's hard for a lender to make money. the credit side of the economy does not perform well. that is the gamble with qe >>. do you look for more mario dr

peter fisher with blackrock.vernment to fixed income and wall street. 7:00 tomorrow. let's get to world news. >> the japanese government in a race against time. the government says it is putting its trust in jordan to help gain the release of a journalist. the islamic state militants say they want an al qaeda linked terrorist set free in exchange for the journalist. they are promising to kill a jordanian air force pilot also held by the group. new details about the final moments of variation flight 8501. the pilot was not flying the plane. his less experienced copilot was at the controls. it descended slowly for three minutes before disappearing. the crash killed 162 people. roll castro leng out conditions to normalize relations with the u.s. -- raul castro laying out conditions. coming one week after aa visit from the u.s. delegation. >> really interesting news. do you want to go to havana? >> of course. >> i want to wait until there is more there. >> it was huge enough two weeks ago when the chains were announc