roger altman is the charm and founder of evercore partners. see that worries you these days? >> hi, becky. three or four weeks ago it just seemed to me that conditions were in place for a steadily improving equity market environment for the rest of this year. the macro environment seemed to be stabilizing. one of my own favorite indices the yield on the ten-year treasury had risen to about 225, indicating to me growing confidence in the overall macro environment. but now it seems to me that a series of old and big question marks have returned. and i would particularly note europe, basic weakness in the u.s. recovery, and we've talked about that a lot on this show, and some growing talk and uncertainty about the giant fiscal cliff or so-called fiscal cliff at the end of this year and the degree to which it will cause market volatility well in advance of that. if you look at the ten-year treasury today, it's in the low 190s. i find that to be a proxy really for risk-off or the fear factor, whatever your favorite phrase is and a fundamentally bea

roger altman is chairman and founder of evercore and our guest host for the next two hours, we don't for you. this does not imply dinosaur, it just implieps that he's wise, he's seen it all. byron-asaurus rex. not every guest has a name with it. and we have music. >> oh, really? >> roger, i'll start with you. this is the lead story in the journal. suddenly people realize maybe the fed will not be here forever and maybe the stock market and financial markets actually need to respond to underlying fundamentals with the economy. should it have gone down and will this be a long-term trend or just a one-day thing? >> it seems to me, joe, that this is a pretty standard mini correction and that it's essentially healthy. we see these all the time. during early phases of bull markets. i hope that that's what this is and i believe it is. and that the market is taking a breath, looking again at the strength at the u.s. recovery and also at europe and concluding that the u.s. recovery is decent but not powerful and that the european crisis, as so many people have said, is not entirely over. >> b

we had anthony noda and roger altman, who is on this program a lot from evercore.of goldman sachs for many, many years and they have always done a great job serving our business and i think that they did a tremendous job on this deal. >> excuse me for being cynical, but we have a lot of deal people on, right? and you were right there within the first minute announcing who your advisers were. you're not getting like a 1% cut in your fees, nobody asked you to endorse? >> there's so much rhetoric and criticism of the firms but when you talk to the clients, they're not leaving and staying. when you have a ceo with a deal like this on a day like this it's worth asking the question. >> he said in his piece it's going to come home to us. until it does i'm not willing to take his side as anything other than one person. until you lose clients -- you can't stay in business if you're not client centered. >> they've been in business for a long time. >> this is the most sensitive deal we have done as a company since the spin-out of time warner. the fact we put our trust in cert