DEBORAH MARCHINI, CNN ANCHOR: I'm back with David Horner, senior financial strategist at Merrill Lynch. One of the things we haven't talked about yet, David, is emerging markets, specifically we're seeing a lot of concern about Turkey qualifying for IMF assistance, and Argentina and Brazil. The currencies of those countries took an extreme beating on Friday, with Brazil's, I think, at a record low. Do you feel there's anything going on here that threatens the worldwide economy?</s>DAVID HORNER, SENIOR FINANCIAL STRATEGIST, MERRILL LYNCH: The basic problem all three of these countries have in general is the slowdown in the world economy. Obviously, emerging markets have a little less slack to fall back on if there is a slowdown. In the case of each of those three countries, though, there's a little bit of a different problem. In the case of Turkey, it's a banking problem and banking confidence. In the case of Argentina, it's a matter of an overvalued currency; Argentina's been in recession for three years. In the case of Brazil, it's both the slowdown in the United States, and it's also a power problem that they have. So these are individual problems for those three countries, which are exacerbated by the slowdown in the world economy, and they do all have problems.</s>MARCHINI: Briefly, though, do you get the sense there's anything that could topple, say, U.S. financial markets and the U.S. economy?</s>HORNER: No, not like '97, '98, because I don't think the financial positions of individual investors are as leveraged as they were then, but it's not a good sign.</s>MARCHINI: David Horner, Merrill Lynch, great to see you, thanks. TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
David Horner of Merrill Lynch: Differing Troubles in Emerging Markets