good morning. it is friday, august 5. this is your "a.m. wakeup call." i'm ali velshi joining you live from new york. tgif -- a new day. tg -- it's not thursday. yesterday the dow posted the steepest one-day drop since the financial crisis three years ago, 503 points. it left a thud all ending the week in the day for losses. european futures opening lower.

investors turn shares, gold, commoditie commodities, oil, everything into cash. all of the selling erased the whole year's market gains for all three major indices in the united states, snowballed up to the closing bell. this is a recap of thursday in 30 seconds starting with the opening bell. a little clock in the upper right of your screen so you can follow the time line. take a look. >> watching stocks drop right now. the dow down 72. >> a breath-taking plunge on wall street. >> watching the fall of the u.s. markets. >> from big banks to happen apple to google, every single one is lower. >> people are taking their money out of the stock market, out of gold, out of oil. >> 370 points, plunging here as we are an hour away from the closing bell. >> all of the dow 30 blue chip stocks are down today.

>> this is me, ali velshi, cnn's business correspondent talking to you now. a lot of the problem yesterday, italy's debt, the european central bank buying up bonds to prop up the euro and some other activity in japan to prop up the yen. today the u.s. could own the so-called x factor that could influence the markets. the monthly jobs roar from the labor market. the highly ap 'tis pated jobs report will be released at 8:30 a.m. eastern time. these are the jobs added and lost over the last 12 months. these have improved nicely as you can see for a while. look what happened in may. it fell off of a cliff. in 3 1/2 hours, we expect to learn that the u.s. economy added 70,000 and 80,000 last july. net new jobs minus jobs lost. if that's true, it's bad news. if fewer jobs were added, that's really bad news. the unemployment rate is 9.2%.

all of it raised the dipper. "the new york times" thinks it could be happening. it feels a topic on "ac 360" last night. this was said about it. >> let me be clear, right now we need to focus on making sure we don't have a double dip recession. >> we're frail and i think there's a real danger of a double dip recession. >> before we move on, let's put what happened on thursday in perspective. not going to break out in a rendition of "don't worry be happy," but listen, it's the ninth biggest point loss on thursday. but percentage drops, it was the 116th worse, that's not very historic, is it?

more history -- steep vallese and peaks but followed by sure and steady recoveries. let's give ben stein the last word. >> it's a points drop, not a percentage drop. we had a fantastic recovery for the lows. may be having a double-dip recession. so far things are not that terrible. >> the nasdaq, dow, and s&p were down yesterday. these are the stock futures for today. the nasdaq is down. the dow is down. this stuff changes a lot. we'll keep you posted on it. global markets for you all night for a clue as to what's going to hatch when markets open. live team coverage, knee know dos santos is in london. andrew stevens is in hong kong. the markets closed lower, they

open lower. may have had momentum in the day. tell us what you know. >> if you look at where the market closed, the momentum was working against the asian markets. there was a link to the u.s. economy. asia is the exporting capital of the world, taiwan, china, all of these markets taking a hit. hong kong on the back of -- let's see what happens in china takes those hits. so you do have the fundamental issue, this linkage with the u.s. so, we're seeing a selloff across the board. australia is interesting because it's where they're going. that's a big fault because it's a commodity index. everybody is saying the commodity prices will awaken because of the weak global economy and you can't discount what's going on in europe

either. it finds itself paying the price for issues which are not of its making but certainly cannot escape. >> yesterday was unusual in that the money did not leave stocks to go into the commodities. the money was down across the board. the only place they were going into was cash or safe bonds? >> absolutely. it's cash. i was talking to chief equities strategist to hsbc here. he said really there's going to be a lot of volatility. cash is the safest call at the moment. we've seen the gold price tick up again in asian trade. it's back around the record levels. so there but a little bit more thought going into exactly how do we play this? but, still, if you want to be ultra safe here, it's cash. >> andrew, good to speak to you. thank you for the analysis. abdrew stevens in london. hong kong -- nina dos santos

joins us live. you were trying to make sense of it. a lot of it was triggered by the activity of the european central bank in an effort to shore up the italian situation? >> yeah, that's right. activity, but perhaps not enough activity for the likes of spab and also italy. the two-countries have been saying they're difficult in terms of financing the money on the bond markets in too big to fail, really. too big to fail is bantied about everywhere. it's the hallmark of the 2008 credit krufrmg. -- crunch. the move to cash is a hallmark of what we saw two or three years ago in the global financial markets. let's look at some of the figures today. a lot of the markets in europe started the day down in excess of 3%. so what we're saying, ali, on these markets, is what's interesting is if you look at the year-to-date losses for the

european markets, it shows you where this is the weakness is. it's down in excess of 10%. some of them double digit declines year to date. the italian market is down 20% so far this year. and the united states markets are only down by about 2% and the asian markets are down by about 5%. and that goes to show that europe is where the problem is and europe is where the markets are being affected the most at the moment. >> good for us to remember that and to remember how interconnected they all are anyway because we got to bear the pain of that yesterday. we'll check in through the course of the morning. knee know dos santos in london. as stocks plunged, media jabs went up. here's the punchline. >> what a -- 500 points it dropped today. it's due to the fear that the debt crisis in europe is getting worse. several european nations are trying to borrow money from china. obama said, hey, china is our

sugar daddy. you get your own. you get your own. >> the stock market was down today. that's not great. i thought enough bad knew. what if i start with good news. would you like some good news? yes. the new season of "jersey shore" premieres tonight. good god, what the hell was that. that was horrifying. what a horrifying reaction. the joy and the anger mixed together. no, new season premieres tonight. so america can take a break from being broke and concentrate on not feeling ashamed. >> the quote of the day -- indidn't come into this job to quit. i came into this job to fight. what news maker said that. what you need to know. rinkles w?

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sense prevails here. >> he was talking in his first pentagon news conference since taking over as the secretary of defense a month ago. most of the briefings focused on the debt ceiling deal required by the pentagon to cut $4 murks billion from his budget. said not going to question, going to fight. furloughed federal aviation administration workers will be back on the job. the senate is set to review a temporary measure to resume funding for the faa. the lawmakers passed the debt ceiling deal but left the faa in lim limbo. the government missing out on construction taxes. each side blamed the other. >> this is the modus operandi. government by hostage taking. government by threat.

>> the one person with the power to bring it up for a vote and they chose not to. senator reid. i would suggest that -- maybe the secretary department want to say it, but senator reid should call it back in, take up the bill, and pass it. >> congress is going to take up the issue when it returns from recess in accept. salmonella is hard to treat. the cdc said the bacteria linked to the turkey recall is more unusual to antibiotics causing people to be hospitalized. more than 80 people have been diagnosed from salmonella and one has died eating ground turkey traced to cargill heats. the united states under heat advisories. when is it going to break. >> going to wane a little bit next week. we saw several days of record-breaking heat or near record-breaking heat. this is a list of records from yesterday. wichita falls had an incredible

streak. they also set a record for the record low minimum or high minim minimum. oklahoma city, 108, austin, texas, 107, big highly populated cities seeing dangerously hot temperatures. 108 expected in dallas, 104 in lit wro little rock. we come down a degree or two but we break it down not for earnest until next week. then, we touch 100 in a lot of the spots. the west coast looks nike. if you're traveling, kansas c y city, san francisco, the usual. this time of the year, morning fog and wind. just to briefly touch on emily died for now as it tries to make it over hispaniola. it may reemerge in the southern bahamas.

if not, we'll watch it. >> you said that was going to happen. you said it was possible. >> all bets were off until this thing got over hispaniola. now the betting tables are closed. >> i was preoccupied with the stock market thing. i spoke to my wife late. she was in miami. i said check on the storm thing. she said the storm broke up. i said, no it doesn't. she said maybe you should tune in to cnn. >> one more lesson to always listen to your wife. >> yeah. the heat story, an interesting wrinkle in this, not only in texas but across the country. prescription drugs, a lot of them are being shipped -- buying them because it's cheaper. insurance companies are doing it as well. if it gets above 84, 8 5 degrees in shipping, it will do chemical things to the drugs to make them ineffective or decrease side

effects. if you can, go to the pharmacy, pick up your drugs or have them shipped to work. the heat is not so good. >> they say keep it in the temperature range. good advice. check in with you through the course of the morning. we do a national day. today is national day of twins. it's all week long. check out the pictures of these super cute twins. it's 16 minutes after the hour. you could save a bundle with geico's multi-policy discount. geico, saving people money on more than just car iance. ♪

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time now for the political ticker. he's the host of morning briefing on sirius xm photo slide. before we start, we're going to play a clip with california governor jerry brown. look at the day we had on wall street yesterday and concerns the u.s. might be headed to the recession. governor brown said it cannot govern if you have two parties so opposed to each over. >> if your country cannot make decisions on how it spends money or deals with the basic

problems, but instead squabbles with the scapegoating, finger pointing, and blaming, it's an ominous sign going forward. >> all right, tim. an ominous sign going forward. it came up a lot in discussions and analysis last night if we need the government to look like it's doing the right thing to create an environment for jobs or anything else to do with economic growth, maybe we can do it with the squabbling going on in washington. >> the squabbling is going on throughout the country. the representation in washington, d.c. is the representation of the people who elected those individuals. when is the last time you heard in a campaign, i'm going to go to washington, d.c. and get along with everybody to make deals. people say they're going to go to dvgs c to fight for you. people feel that's the misrepresentation system in this country and it's all of the angst about unemployment and the economic numbers.

that's a big part of what's going on right now. >> a little bit people looking out for their interests because they're so stuck. we're three hours away from the july jobs report which by the way was supposed to be the biggest economic thing we were talking about in the last two weeks but it's been everything bu but. how is president obama and others hit the crisis? >> you hit the 14 million dollar question. there are 14 million unemployed. we'll see what the exact number is. the congress is out of town. the president looks for ways -- he's pivoted the job so much now that his pivot foot is probably worn out. this is the key -- they've got to figure out a way to do it without necessarily spending too much money. there's no clear path on how they're doing that. veterans today, getting back to

the airport. he has incentives he's laying out at the washington navy yard. we're going to hear that part of the solution when he talks a little later this morning. >> the faa funding deal. they couldn't get it done before they took the recess and a couple of days of media firestorm going out there and yelling at congress. poof, deal done. >> don't you love the metaphors of keeping people hostage. putting a gun to the head of people when you talk about airlines anyway? 2 senate is doing unanimous consent. they're going to take 15 minutes. they'll get it done. visit this in september. this is the proverbial kicking the can again. >> thank you for your analysis. the host of "morning briefing" on sirius xm. a dismal day on wall street. live to hong kong in minutes. that's 22 minutes after the hour.

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around the world in hong kong while even else is looking at the markets, anna is keeping her eye on other things after the big selloff here in the united states. got to be a lot of worry this morning worldwide, anna, good morning. >> a huge crisis has put markets

in a tailspin. they're following wall street's lead. the ftse and dax are both down 2%. here the asian pacific. the hammering went down 4%, lowest level in two years. $60 billion was on the value of the trade stocks. commodity prices a real factor down under. the nikkei, not far behind closing down 3.72%. that's the big story, obviously, that we're following. ali. >> you see money going out of stocks, you see commodity-rich countries like australia benefitting from it. the unusual thing is money was coming out of everything. nobody was making money today. thank you so much for joining us. after the dow's bad day, you might be wondering about your own portfolio, your own 401(k).

it's important, friday, 26 minutes after the hour. the world is still here. this is your a.m. wakeup call.

friday, august 5. this is your "morning wakeup call." i'm ali velshi. the world is still reeling from that drop on wall street that dow posted the steepest one-day point drop since the financial crisis three years ago. job market numbers are released this morning. may and june, that's the where

jobwise we were expecting. we expect they added 70,000 to 08,000 jobs in july, far her than what we need to get out of the pickle with the national unemployment rate of 9.2%. a all of the political drama, there could be more where that came from. 80% of americans are not happy, there could be political debts to pay. this is what kyle told pierce morgan. >> there's a case to be made that the economy we have now is going to be the economy come election day. we're not going to get anything done in the congress for 16 to 18 month. that bodes ill for anyone in power, not just the president but the senate. >> u.s. market tanked. the world markets tanked overnight. what about the 401(k)? to help to ease your fears,

christine romans is here with us in new york. ease my fears, christine? >> i'm the good cop this morning, right? going to ease your fears. the dow drop was 116th worse percentage drop ever. >> that's more important than the point drops. >> we'll probably do it again, maybe not tomorrow or today but in three years, who knows. a big move for the markets. four out of fife times for the s&p, it's really the big gains people care about. four out of five times in the past 20, 25 years we had a move like that. the day after or the next day stocks are higher. you bail out, stocks could move higher again because you cannot time the market.

you pull your hair out, be careful here. >> there's no need for a hair joke. but here's the issue. you have to be smart twice. you have to get out at the right time and get in at the right time. when you got out in 2008 because of the crazy markets and didn't in 2009, you missed one of the best years in the market's history. >> i'm going to tell you with 100% certainty, most people aren't smart enough. you have to work your plan. you hear this from us when the market does something crazy. come on, should be routine, six month, every quarter, every year. i don't care. but don't do it on a day like this. the fear factor is going up for a long time.

it's not really a surprise. we've been telling you the pieces of the story showing stress in the market for stichlt this something a really smart guy in commodities told me once, he said, christine, don't just do something, stand there. >> we're going have a busy day because of the job numbers. i hope you slept? >> i'm still hoarse. >> spending a lot of time together. see you in a half an hour on american morning. >> bye-bye. >> in today's businessman special, we're talking about the business social media network linked in. reporting the surprise trend. coming up to get the trend going, 32 minutes, three minutes after the hour.

36 minutes after the hour. linked in has doubled the sales in the last year. the stock is up. more people are joining linked in every day. how is the company going to keep it going? the company ceo released a same saying, quote, we plan to continue to invest in our products in order to increase the value we deliver to members and realize the full potential of the linkedin platform. what does that mean? it can apply to any company doing anything in the world. we'll find out what we're up to. political ticker time. comedian and host pete domenici nick on sirius podus. it's twins' weekend, we figureled we'd book you. >> you're more ageless. and raceless. i'm just this pale guy. >> you're smart and funny. sounds like a line from the movie, "the help."

talk about the low approval rate. we're talking really low. >> this is one of the highest disapproval rates ever. mark twain said it could be shown by facts or figures that there's no distinctively native american criminal class except for congress, alley velshi. most of the men and women they think we're stupid. they're not listening to us. >> isn't that sad? we have freedom, we can vote, we have liberties, we have a market. why does that have to be the case? >> i think it's because they're not doing the bidding of the american people but doing the bidding of the people who pay

them to write the rules and regulations to help their industries. i think the americans would like the see the money taken out of politics. they want to see the money taken out of campaigns. we'll see what happens. i don't think anything will change anytime soon. >> how will republicans and democrats fair in 2012 because of this economic time we're going to be in. >> americans are going to blame congress and going to blame republicans according to the poll of what happened to the debt ceiling crisis for being this word -- who would have thought we heard the word intransigent so many times. but they could blame the president, who knows? it depends. we'll see the job numbers coming out today. it's supposed to be bad.

it all matter what is the up employment rate is come november of 2012. may i tell you this, ali velshi. this may be inappropriate for cnn, but i like to wake up with you. >> that's excellent. >> in honor of how similar we look and in honor of the fact it's national twins day, go to break looking at pictures of twins. take a look at this. hey, the new guy is loaded with protein! really? 25 grams of protein. what do we have? all four of us, together? 24.

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41 after the hour. the "get smart" question. did people increase or decrease their contributions in 2010. you either know it or don't. you don't get a break. the answer surprised me. despite the economy, the majority of people increased their contributions to 401(k) plans according to a report by fidelity, who would know, because they're the biggest. a texas jury will return to decide the punishment of polygamist sect leader warren jeffs. jurors convicted him yesterday of sexual assaulting a 12 or 15-year-old girls. he took as his spiritual wives. the former member of the sect has reacted to the verdict. >> he' used to having 10,000 people do his bidding and bow at his feet. i think he thought maybe with his sermonizing and reading of

his scriptures and his wisdom on the stand, he maybe was thinking that he had convinced these people that he was doing the sacred, religious beliefs. >> jeffs could get life in prison. the only thing worse than salmonella is salmonella that's hard to treat. that's causing people to be hospitalized. 80 people have been hospitalized. one has died from eating ground turkey produced by cargill meats. >> a group of psychologists were calling on individuals to offer same-sex marriage. marriage provides the security and validation to same sex couples as heterosexual wans. there's no evidence to support the findings. the profile of ted bundy will be enter into the data

base. that will allow investigators to possibly link money to some cold case murders. bundy confessed to more than 30 murders before dying in florida's electric chair in 1989. a philadelphia judge is ordered four people to stand trial after a murder after a disput on a public bus ended in gun fire. they're shooting at a bus. two men spraying the bus with bullet unless june. the young woman on the bus accused of calling them after another passenger chastised her for spanking her son. believe it or not, no one was hurt by the flying bullets and the pbuses had cameras inside ad outside. what could exist on mars? what nasa just found. first, this day in history in 1962, marilyn monroe was found dead in her l.a. home.

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good morning, it's friday august 5. this is your a.m. wakeup call. i'm ali velshi joining you from

new york. tgif -- tg -- it's not thursday. the dow posted the biggest one-day drop sin the crisis three years ago. the hang seng and hong kong, the nikkei and tokyo and the shanghai composite closing with losses. the european markets are down. although not as much as they were yesterday. not as much as the u.s. or asia. however, the u.s. stock futures are down as well. all of that selling on thursday, erase the year's gains for all three major indices in the united states. this is how cnn reported that diving dow throughout the trading day. >> we're watching stocks drop right now. the dow down 72 points. >> a breathtaking plunge on wall street. >> watching the fall of u.s. market -- >> big banks from apple to google, every single one is lower. >> people are taking their money out of stock market, out of gold, out of oil. >> the dow now down 300 points. >> 370 points.

plunging here as we are an hour away from the closing bell. >> all of the dow 30 blue chips are down today. all right, my other hat by the way around here is i'm a chief business correspondent for the network. the problem with italy's debt and the central bank buying a bank, buying back bonds to prop up the euro. it was supposed to help investors feel better. today, the u.s. could only x factor that influences global markets. we seem to be taking turns on this. at 8:30 a.m., the release of the jobs numbers. take a look at the chart, the number of jobs added or lost in the last 12 months. a year ago, we were losing a lot of jobs. we started to gain them. things were improving for a while. but look what happened in may, the right side of your screen, we fell off of a cliff. we expect to learn that the u.s. economy added between 70,000 and 80,000 jobs in july. if that's true, it's bad news. if fewer jobs were added, that's

really bad news. the national unemployment rate in the united states, 9.2% right now. that's the official rate. now, come close to the tv screen. it's time for a little kumbaya with ali. let's put it in perspective. it could have been a lot worse. consider this -- it was the ninth biggest one-day point loss on wall street. your investments are gauged in percentages. percentages are more important. as the percentage, that's 116th worse. that's not very historic. take a look at the dow since 1900. going to show you a chart. there's been a lot of steep valleys. but usually they're followed by sure and steady recoveries. there's ben stein with more words on this. >> it's a large point drop, it's not a particularly enormous percentage drop. we've had a fantastic stock market recovery from the lows. we may be headed for a double dip recession. but so far, things are not that

terrible. >> all right, a big picture for you. to london right now. nina dos santos has been looking at the details of why this happened, what triggered this, whether we see more of it today. good morning. >> good morning, ali, yes, the european stock markets suffering after the kind of heavy losses you saw on wall street. at the moment, we've woken up to a new reality, all at which cash for the moment, it seems, is king everywhere in the world. the ecb, thevened trying to pro up the market. it only decided to buy back bonds from portugal and ireland. two of the countries being bailed out. those two are italy and spain. we did get economic growth figures that to a certain extent injected a little bit of optimism.

italy grew by about .33%. spain's economy, the same period of .2%. it's not enough to allay the kind of fears that isn't sorted out. if it is going to sort it out, in this region. >> the eighth largest economy in the world if italy and spain get these problems. it goes back to the too big to fail problem we remember from three years ago. we'll keep you updated on the course of the morning. live from atlanta, 15 states are under heat add vieries right now. what are you looking at? >> some stakes that are enduring for quite sometime. they're suffering oklahoma to texas. there's where the records were sent yesterday. wichita falls, 111, dallas, 108, oklahoma city, 108. highly populated areas seeing temperatures that are dangerously hot. 110, oklahoma city, 108 in dallas. will we see these temperatures

starting to wane? well, you cool off a degree or two on saturday, maybe on sunday. then back down to 100, 99 come monday, tuesday, and wednesday. until then, it's kind of warm. kansas city, the thunderstorms here. if you're traveling there. morning fog, afternoon thunderstorms as well. a quick check of what was emily dissipated, just a slight circulation trying to get over hispaniola. may regenerate in the southern ba bahamas. until then, don't worry so much about it. showing you space stuff. here we go. the orbiter that's been swirling around mars took cool pictures nachlt is a released these. it shows the possibility of salt water ebbing and flowing depending on the time of year. the dark streaks, they can measure them and they know it's not fluid but ebb and flow,

depending on the time of year. that tells scientist there is may be indications of salt water on mars. one more sign that there could have been life on mars at one point. >> rob marciano at the weather center. with the stock market tanking, how do you think gold did? it does well when markets do as badly. you're going to be surprised by this. but first, take a look at the word of the day, kkeynes-ian. why you need to know the word after a short break.

56 minutes after the hour.

this is your "a.m. wakeup call." the word of the day, keynesan. it's a theory that says active government intervention in the marketplace is the best place to ensure growth and stability. when the economy slows down, governments should run deficits. that's because private companies won't invest, setting in motion a vicious cycle. less investment, fewer jobs, fewer people consuming. this theory says the government should proactively pick up the slack. you can hear that term a lot. here will three things to put on the radar. we'll be watching the global markets for you. plus the senate is expected to vote this morning at 10:00 on the budget. coming up at 11:34, nasa will launch juno to jupiter. it's expected to take five years to get to the red planet. most people celebrate their birthday. but comedian john stewart got president obama a gift for his

50th birthday. i'm sure he would like to give back. >> a special day. it's our president's 50th birthday. i'm not -- i'm not ingrate. i got a little something that i think he's going to really enjoy. >> massive 500-point selloff. doulsing wall street? a sea of red. >> the bears are mauling wall street. >> washington falling like a rock in a swimming pool. >> the 14th worst decline for the s&p. >> extreme fear and panic. i don't know what happened. ♪ happy birthday to you all right, go to carter evans for a look at your money this morning. he joins us live from the nasdaq market site here in new york. you tried yesterday, carter, you tried to put a silver lining around what was going to be the worst cloud we've seen in a long time. talk to me today. >> you know, i think we need a little comic relief today.

the numbers are ugly. they're not fun to look at. they're scary to look at. analysts are saying, hey, what christine said earlier, it's really, really tough on the market. take a look at the futures today. they're down ahead of the jobs report. dow futures down 46 point this is morning. the jobs report is going to come out at 8:30 eastern. we're expecting to see an additional 60,000 to 80,000 jobs added to the economy. however, these reports have been off, analysts estimate, for the last couple of months. keep that in mind. everybody is going to be focusing on this today. also, ali, i wanted to talk a little bit more about gold. gold fell almost 40 plus an ounce yesterday. that doesn't happen generally when stocks sell off. lately people are going to the perceive safety of gold. i say perceived. when it moves $60 an ounce? people were