greg valliere and dennis gartman on whether or not the slowdown fears are real. dennis, the news on china, do you agree with rich karlgaard we'll have a deal on phase one before the end of the year? >> there is no question phase one will be put out of the way. rich is absolutely right. he needs that. he will agree to practically anything to get it done. good deal of sales from agriculture whether 30 billion, 40 billion, 50 billion only thing to be debated. absolutely it is signed. whether there will be a second or third is another question. that will be after the end of the turn of the year. at the end of the year, phase one is signed. david: greg what happens here? what happens in the whole world? we have europe at a dead stand still, they're facing real recession. will that things turn around in the world or just the u.s. and china? >> probably the u.s. and china. you have to say amount of stimulus coming from washington, not just the fed which will probably cut rates at the end of next week, but from fiscal policy, amount of spending, deficit spending everywhe