reduce liquidity and they re trying to trick their own asset bubble and real estate there and that s causing gyrations in the emerging market world and we have an options exploration tomorrow and the options and futures when the s&p 500 drifted below 1600 in the middle of the day, that was a key option level and i think that hurt the markets as well. take a look at emerging markets and there is a lot of debate going on tonight about to what extent china is hurting. emerging markets and the rest of the world and to what extent the fed is. it s 50/50 at this point and look at china down 4%, the philippines, all of these emerging markets have been hit and this is the worst one we ve seen. repatriation of money overseas causing the dollar to rise two days in a row and that s hurting commodities rather notably. look at gold down 6% and that s one of the worst we ve seen in a long time. copper and zinc generally work to the downside and those base metals, indication of a slower glo
middle east with senator john mccain. le also our special series on the future of finance continues this morning. today s headliner is former who are began stanley chairman and ceo phil parcel. and r. a phil is cautioning that the comments aren t black and white. he ll explain what he thinks about the controversial topic of breaking up the big banks. of course the fed may be the biggest news of the day. many expecting the central bank to launch that third round of quantitative he quantitative easing. the decision announced at 12:30. and then better bernanke will hold a news conference at 2:15 and we ll have complete coverage. another central bank already making an announcement, south korea holding interest rates steady. the market had been expecting a cut. u.s. treasury says economic sanctions against iran have slashed crude revenue. washington vowing to keep up the pressure to present the iranian government getting nuclear weapons. in corporate news this morning, we have