>> markets aren't rational they're reactive. the nikkei was down just about 3%. china not off as much as the nikkei but it isn't a surprise when we're coming into 2015 and people are really thinking hard about, are we in a deflationary period. are we going to see more stocks fall because we think 2015 might be real tough time for companies to make a profit. >> so, is this all about the falling price of oil? is it too much supply or demand just isn't strong enough? what's the balance here? >> when you see oil prices fall this fast as we saw toward the end of 2014 and coming into 2015 it does say that it's a lot of supply. we know that opec didn't cut back on its supply. we know the u.s. is putting a lot more oil out there. and so we the weak demand, i think comes later in 2015 if we do see the economy slowing, the u.s. obviously not slowing.