ANCHOR: Roger Altman is the chairman and founder of Evercore Partners; he’s also a former deputy Treasury secretary. Roger, what do you see that worries you these days?
ROGER ALTMAN: Hey, 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 10-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 10-year Treasury today, it’s still 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 bearish signal.