volatility to come to talk us through the next hour. what you need to know right now. first, closing bells beginning to ring on wall street. [closing bell ringing] connell: happy to get out of there. melissa: 15,879 on the close. percentage is really what you want to look at. connell: look at the day that was, a record 1089 points with the dow dropping that much at 9:35 this morning. look at that with the time stamp. look what happened next however. clocks began clawing back midday and dropped again. ending the day as melissa said down 500 points. close to 600. here to sort it out for us, boy,

is that quite a task, adam shapiro with his eyes on the big movers of the day. hey, adam. >> some of the biggest losers, talk about names like jpmorgan chase, down 5%, hitting new 52-week low. they hit that at $50.07. cisco system down 4.8%. they did not hit a 52-week low. they will get back up there today. exxonmobil, drop in price of oil connell really hit them hard, down 4.7%. they hit a new 52-week low. $66.55 and change. chevron also down today, a new 52-week low. $69.58. men lastly go back and forth with these two, united healthcare was down, what very got here? they were down 5% and mcdonald's, mcdonald's hit a 52-week low, $87.50. they closed above it. it was not a good day for just

about all of them. connell: man, thank you, adam. oil settling below 39 bucks a barrel. first time we've seen that since 2009 as the price fell. so the oil price declining that much. that is another big part of the headlines today. mark sebastian is with us from the cme. we'll get mark's perspective. 3822, man, what a headline, down 5 1/2%. your thoughts on sub-$40 oil, mark. >> oil seems to be kind of an old story at this point. 5%, when it was at 40, not when at 80 or 100. feels like stocks are just now figure the out what is happening with oil. energy sector, and how really, everything is being undercut by oil and then china and now lockhart sounding completely clueless a few minutes ago. connell: melissa and i started

to do talk about that we just got the headline. peter was telling us right before the break or before the bell, lockhart said, you know what? still may hike rates. clueless is your estimation what that turns out to be? >> what we saw in china, think about what happened in china overnight. we had big week in headlines. china taking intervention, china doing this, china doing that. market has worst day ever as far as i can tell. what is the market telling us? we don't compare what really central banks say do right now. if anything they're hurting situation. that is really what is costing. markets are in real duress, this remind me, these type of swings i have not seen since 2008. these are type of things we were seeing when congress was taking votes to do the bailout. really not that much news. connell: right. >> this is one of the crazier days i've seen in a long time. i think we've got, central banks are really losing it here. that is a real concern.

that is where this thing potentially falls off the rails. connell: spent the next, hour or so trying to do this as numbers settle. best guess what happens next, given lockhart comments and everything else you're getting into? >> every indicator i look at says the market is going lower, not higher. we may get a dead-cat bounce or bounce here or there. that typically happens on these selloffs. what will happen is, everybody that missed the boat on the way down, will sell their stocks again. connell: right. >> you look at s&p, still around 1900. a lot of people still made a lot of money over last four years. that is a lot of good reasons to sell stocks. this could go lower than a lot of people realize. smart money has been long stocks for a long time. they want to, wealth maintenance is very important to rich people. that is one of the things i discovered in my brief tenure in this world. i actually think a couple weeks

from now we'll probably be lower. we're going to test the low from last october. wouldn't be surprised to see the wrong side of 1800. connell: you're right, mark, rich people do like being rich. mark sebastian at cme. melissa? melissa: steve forbes, forbes media chairman and editor-in-chief, jack hough, barron's. i want to start with the news from dennis lockhart thinking that the fed should go ahead and raise. what do you think about that, steve? >> i think should do it next month -- melissa: in wake of all this? get it over with? >> the way you get economy revived is get credit markets working. suppression of interest rates hurt lending to small and new businesses hurts job creation. apple borrows 40 billion in bonds and government gets money virtually for free. doesn't do food for the overall economy. melissa: traders on floor of new york stock exchange said

they would have to be crazy. he may be right but impact would be more bloodshed. >> that is the sentiment. i saw one survey people thought it was 50, 50, chance of fed raising soon. that has plunged to maybe 15% chance they will raise. federal reserve should not be in the business of watching stock markets. melissa: they shouldn't but they are, aren't they? they pumped up this market and they're afraid of deflating it. >> you worry they're watching. i don't really think the rate hike coming will be tiny. it's a long time coming. i don't think it will have slightest bit of impact. melissa: you don't think this has to do with rates going up, the part of the selloff. >> coming quarter point off zero, no. melissa: what do you think, darius? >> i think from a rate of change perspective coming off zero is material change from easy monetary policy over last six years. so they do care. you asked question to jack, does the federal reserve care about watching stock markets?

no, they should but they're signaling something we're saying all year, global economic growth is slowing, inflation is slowing and federal reserve shouldn't be tightening monetary policy. melissa: steve, is that what the market is showing or saying they want want it? >> federal reserve inadvertently has been tight. when you can't get credit markets moving that hurts the least, small and new businesses. china has run out of its bag of tricks. quality of earnings, earnings have been under pressure since late last year. developing countries like brazil is falling apart. mexico, canada is starting to buckle. look around the world, no economy is doing well. melissa: is this happens when you have a stock market is built on nothing? >> whose stock market? china's stock market? melissa: our stock market gone way ahead of what is going on in the economy? don't you think we've gotten way ahead of gone on in the economy. >> is u.s. stock market is not bill on nothing. melissa: pumped up by federal

reserve policy loose money in you don't think it is gotten way ahead of the where the economies are? >> china stock market was not based on fundamentals. the stock market got a little ahead of itself. earnings growth hasn't been great. china has contributed massive portion of u.s. growth past few years. that is going away. earnings might fall 1% for second quarter. earnings growth is nowhere to be found in the u.s. people no long irwant to pay premium prices for stocks. not say the whole market, not based on any kind of fundamentals whatsoever. corporate america is strong right now. melissa: yeah. >> that is exactly what you should see at top of economic cycle. when you make everything looks good. when you go from great to good, things start to discount the future backed and -- melissa: you think we're going from great to good? >> great defined by this economic recovery which is relatively muted compared to previous economies. we're going from great to good. economic cycle has peaked.

we're on back side of economic growth. melissa: what do you think will happen here? is this only the beginning? what do you think in terms of stock market volatility today, selloff we've seen past couple days, what you do think happens? >> i think you will see stocks maybe come down some but nothing like what we saw in 2008 unless the fed does something truly dumb which i don't think they will do this time. so don't panic. melissa: yay. >> this is when individuals always get out of the market. melissa: you can probably sell to locking in your loss. >> there could be more downside for stocks certainly. talking for me, worry me. saw signs of severe dislocation in price of individual stocks. we had a "flash crash" today, but looked like 100 individual "flash crashes" out there with individual stocks. maybe we had bad prints. ge closes down 20%. that is not a stock that should be moving 20%.

melissa: what does that mean to you? >> if those prices hold. those trades are maintained, it tells me maybe there was severe lack of liquidity in some of these stocks, i don't know. >> volume is low. >> i hope to see some busted trades. some of those prices were bad. if those prices hold i'm worried. melissa: so far the new york stock exchange is disagreeing with you saying they are going to hold. time will tell. dare russ, what does that say to you? a lot of people are complaining about that orders were knot filled in timely fashion. there were a lot of irregularities. what do you think? >> go back to 2008, halts don't stop anything. stocks will get sold at some point when they reopen. you have a question what do you do today? sell down here in oversold low. worst thing you could have unfounded expectation that the u.s. economic recovery was getting started. the fed would go on long tighten cycle because things are great. that was the wrong decision to v clearly on the screen we're seeing that priced in.

melissa: none of you guys move. i need you for the whole area. will you stick with me? why not. melissa: let's go over to connell. connell: we go back only 10 past the hour. letting day settle in and 588-point drop on the new york stock exchange. we go to new york stock exchange where liz claman is broadcasting from. mr. lockhart thinks rates might be going up. that is something to chew on heading into tomorrow, huh? >> barclays doesn't think so. in fact they made the call at certain point today. we were in the september camp. where we see rate hikes in september. seeing from china. giant dark cloud hovering over market structure, not sure that is the way it should be. market is herd mentality now. when china started to do panic over the weekend, certainly

overnight, we saw 8 1/2% clip on that market in shanghai. forget it, all bets were off here. so to see the action we saw here, connell and melissa, to think it we were down 1089 points, clawed back to the point only down 100 and change points for the dow, falling again more than 800 points. stretch it out, 2008, the dow jones industrials was 6,000 and change. we're double that look at all of that. 8,000. rather. connell: the part to your point, liz, well we haven't seen this before, it is dramatic moves in both directions. we went down and came back. went down again an came back. those dramatic moves. we really haven't seen that before. >> many, many "flash crashes" today. i heard that reference from the traders. the reference if we spin it

forward tonight how china will open. between now and this evening when china opens around 10:30 or 11:00 p.m. what will happen? will people's bank of china intervene. will it do something to stimulate the situation we have right now. connell: thanks, liz, to our next guest. before we sold off, liz said china fell off 8.5% decline. shanghai composite wiping out all year's gains. robert bloom is based in china beijing. they call it black monday. that phrase trending on twitter, not only in china but here. what happens as liz says, heading into the next trading day in china as you sit.

>> there is nothing chinese can do. is this crisis of confidence or crisis of communism. is china too big to fail or too big of a threat? connell: steve forbes is talking about whether china run out of tricks in its bag of tricks. is that your point? >> exactly, they're tapped out. this was promotion economy. china is responsible even for the 2008 crisis because they subsidized inputs, all the industrial inputs. even wages, all low-cost inputs that created excess demand, artificial demand. they pushed up oil prices and pushed up interest rates. caused crash, caused lehman. now, now the result is coming back to, coming back to roost. took up all the loans and it is crashing. what they really fear, what the chinese leadership fears the most is the "nuclear option." and what is that? that is a fed rate increase t will multiply china's problem. what is china's problem?

it is democracy actually taking place. it is investor democracy, investors are leaving. they don't approve of this system and it will all get worse. connell: do they know what they're dealing with? their mind set is, we can control this, we can pump in more cash, we can do something about it. that is how think, right? >> you have to understand a bunch of old guys brought up on marxism, leninism, their extent of financial knowledge is das capital. marxist ideologue who is in charge of everything now. they think they're smarter than everybody. if they were caney, my view is they deliberately devalued in order to create this crisis now so it would scare the fed and fed wouldn't raise interest rates and magnify their problems. connell: we'll take that on the list of theories. robert, thank you very much, out of beijing.

melissa, back over to you. melissa: china, it is stock market selloff that just won't stop. chinese stocks are down nearly 40% just since june. despite the chinese government throwing the kitchen sink at the problem it is not helping. now it is coming home to roost here in america. bring the panel back in, steve forbes, jack hough and dare does dale how china's problems are now ours. what do you think of the guest before you? >> i think they will try a few more tricks. they do reserve requirements. >> before they open? >> one or two points. tell the banks, state-owned banks start lending again just as they did after 2008. they will try a few more things. melissa: do you agree with that? what is the impact of that? >> i wouldn't you are surprised if there are more measures to try to boost the economy. i think measures they have taken to halt the slide in the stock market have backfired. melissa: great. >> investors are saying, hey, if

they need to try so hard to sell these shares to me why would i be buying them? i think that hurt them rather than helped them. melissa: isn't it ironic, fed almost in the same position. they're damned if they do and damned if they don't. if they raise rates, looks like things are so bad they are backing off the plan they publicly telegraphed. if they do raise rates, you will see reaction in the market. barclays is betting they don't raise march 2016, if fed does it anyway, there will be hell to pay. >> this is the problem with lack of data dependency. all throughout the year you're seeing signs of economic growth, slow rate of change. they were going from great to good. the fed did not respond to that they continued to support this expectation they would hike interest rates at some point in the year. inflation is not where it needs to be. growth is not where it needs to be to be hiking interest rates. they have a lot of pay to bill

backing off september or december rate hike. melissa: thanks so much, guys. you're looking a your screen. we closed the day down on the dow about the 588 points. that is 3.6%. the s&p is biggest loser on percentage basis down four% on the day. nasdaq 3.8%. look at crude oil, 3.25. one of the commodities to blame in all of this, perhaps a harbinger of things to come, driving a lot of trade down as well. connell. connell: one of the more remarkable days we've seen, melissa, new wrinkle what we've been talking about last few minutes is comments from the fed's dennis lockhart, saying in a speech he expects normalization of monetary policy, that is interest rates to become sometime this year. to peter barnes at white house. just what we needed, peter, a new wrinkle. >> reporter: that's right, connell. this is important because dennis lockhart is member of the atlanta fed he is miller about voting policy board this year.

you have to pay attention when he is speaking, despite everything going on in the global economy in china and everything else he still expects moderate growth in the u.s. this year, thus, consistent with this picture i expect the normalization of monetary policy, that is interest rates to begin sometime this year. i expect normalization to proceed gradually. implication of environment of rather low rates for quite some time. he does mention in his speech headwinds out there including appreciation of the dollar specifically, devaluation of the chinese currency and further decline in oil prices. he says they are complicating factors in predicting pace of growth but he says he still favors proceeding with liftoff sometime this year for first time since the financial crisis. connell: there you go, peter barnes on the north lawn. sunny skies there. boy, wall street a different story today. stocks going wild. major averages closing the session firmly in what we will call correction territory. melissa: next, the man who said this was going to happen. seriously.

tom mcclellan on his thursday call, that was last week, before the market route. what the charts are telling him will happen next. you can't afford to miss this we'll be right back. we live in a world of mobile technology, but it is not the device that is mobile, it is you.

connell: the 1,000 plus point drop at beginning of the day, in terms of picking out biggest movers in terms how they finished the day, there were remarkable moves in individual stocks. we can . side of the nasdaq for a moment and look at stock like apple. so many people own apple. illustrates what happened during the day. i was looking at notes on this, hca holdings illustrates the

point i'm making better anything else. how much stocks came off the lows. that particular stock was off the session low. apple moved 10% off session low. so did facebook, home depot, ford, a whole list of other companies. not something you see on quote, unquote, normal day and this was hardly that. melissa. melissa: if you listen to our next guest you might not have seen the losses the rest of wall street suffered the past few trading days. tom mcclellan is editor of the mcclellan report. you're a market-timer. you mentioned last thursday an ugly decline was coming. what was telling you that? >> ugly decline was supposed to come after this week but tom kill for did a great profile of our work last monday, a week ago and appeared on market watch and talked about our leading indicator talks about the coming decline investors started to front run it.

melissa: you're taking credit for this? you think the whole bloodbath is your fault? >> not my fault. melissa: that is pretty much what you just said. >> well, it was really good story. it was truthful as first written. kind of got changed by headline writers and changed more by retweeters, before you know everybody was giving me credit for market decline. more people were trying to front run the actual market decline which should appear after we get a bounce from this really, really oversold condition. melissa: what is interesting the actual stats you're looking there, one is the advance-decline line. you're making a point a lot of other people made the last month or two. there were only a few stocks propping up index and that is really dangerous, right? >> that is classic bull market top sign advance-decline line topping out as typified by s&p 500 and dow. we saw the top in april and s&p 500 was struggling to make a little higher high. had potential.

we bent elastic limit with the selloff the last four days. melissa: tom, no doubt everybody out there is waiting for you to tell us what happens next. what will happen tomorrow? >> well you have an arms index above two. vix not only above 20 but above price of all the futures contracts. that is kind of condition that deserves at least a short-term bounce. but we're now into new downtrend and downtrend is likely to last all the way until april. there will be many bottoms along the way and many tops along the way. they will be lower lows and higher highs. look for a top you can get out of. prepare yourself for winter in materials of investing. melissa: let me sort that more clearly for our viewers. is it going up or down tomorrow? >> should be going up tomorrow and turn around tuesday. this is reminiscent not so much of 1987 but 199 the 7. we had 550 point down day on october of 1997.

down opening on 28th. big turn around thanks to buyback announcements that turned market around. but everybody was looking for what was the next circuit breaker on next day. that is where everyone's attention is now. it is ripe for a big turn around. melissa: i don't mean to rush you. i want to get it all in. we have to go. bounce tomorrow and goes lower from there, is that bottom line? bounce should last several days. everyone will talk about correction that was over and sunny skies ahead. once you hear, that will be the tell that it is time to start the next down leg. melissa: we'll save the tape, tom. colin, connell. whatever your name is. connell: whatever your name is. whoever you are. new warning from the fed from, oh, my god, larry summers with some words of caution. quote-unquote, dangerous consequences, melanie, that may lie ahead. melissa: whose fault is it anyway? the 2016 candidates playing the

blame game. we'll be right back. connell: my fault. ♪ can a business have a mind? a subconscious. a knack for predicting the future. reflexes faster than the speed of thought. can a business have a spirit? can a business have a soul? can a business be...alive? ♪ ♪ if you can't stand the heat, get off the test track. get the mercedes-benz you've been burning for at the summer event, going on now at your authorized mercedes-benz dealer. but hurry, offers end august 31st.

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connell: our "after the bell" coverage continues. calm after the storm i think on the new york stock exchange. nicole petallides is standing by. >> liz and i are still here trying to keep you covered. talking to traders out the door. got a mixed bag, connell.

some will look to asia tonight and couldn't, unbelievable moves today. volume, even way it was so heavy, they think it is heavy, don't think it is over. that why we may follow china to sell off tomorrow they might buy them back but one able to execute. >> unless china intervenes. connell. watt out for somewhere between 9:00 p.m. and 10:00 p.m. eastern see if the people's bank of china makes some type of announcement in terms of intervention or propping up, or putting a pillow underneath these markets. >> they could cut rates. hopefully they would do that sunday night into monday. that is one of the reasons we saw all this selling. there are still hopes. "wall street journal" said they would do something like that by end of september. somebody is trying to rush that. names i am coming 10% off the lows. home depot, pepsi, ge, ford,

just to maim a few. dow remains in correction territory, 13% off its highs. >> at least 10 dow names, connell. a lot of these are in people's 401(k)s are in bear territory. walmarts of the world, proctor & gambles, united technologies. this is meaningful to people but nowhere near as bad as it was at 9:35 a.m. eastern. >> you know the volatility index, connell. the traders are floored with the moves we're seeing. 1000 points to the downside. volatility index, 100% up last week. up again today. even the shanghai composite index is looking down now already. so, it is not over yet. connell: we'll see. as you guys say, nicole, liz, thank you. whether the chinese do, as we were debates any earlier have tricks left in the bag. melissa, back over to you. melissa: former u.s. secretary of the treasury issued a warning to the fed in response to the massive selloff.

at this moment of fragility, that rate increase will tip some part of the financial system into crisis with unpredictable and dangerous consequences. back with us for reaction, steve forbes, jack hough, darius dale. john lonski, moody's economist. and john kaiser, s&p global intelligence unit. john lonski, start with you. that was larry summers saying with that. he said they should have raised rates six to nine months ago when low rates were encouraging investors to take more risk and they have blown it basically. what do you think? >> they have blown it for sure. just over a week ago 5% odds of rate hike at september meeting. those odds are now down to 22%. fed funds futures market doesn't see rate hike occurring march 2017 at earliest. a rate hike ought to be least of your worries right now. melissa: robert about, let me ask you, before bad news used to be good news.

it meant the fed wasn't going to raise. isn't this in part fed is going to raise and would have happened whenever they decided to do it? >> we're seeing massive repricing risk premium in the financial markets. kruk shun started with high yield a few months ago because the market was worried about the possibility of federal reserve raising rates in 2015. we shift forward where he are today, we're seeing not crisis but economic problems in china for instance where their auto sales are down on year over year basis, down about 6 1/2%. last time we saw that 2008 when global economy was in recession. investors are quite nervous. we've seen big correction in the stock market. s&p 500, trading 17 1/2 to 18 times earnings a few months ago, we're much more rational at 15 1/2 times earnings. market is better value today than a couple months ago. melissa: steve forbes, which

part of larry summers statement do you agree with if any of it? they should have done it and blew it, should have done it six to nine months ago? >> they should have done it sixx to nine months ago. they shouldn't have done the crazy policy in 2008 to quantitative easing after panic in 2008 and 2009. the fact it looks like they won't do it again for lord, who knows how many more months. that mines credit markets will be perverted. like a patient who is weak and you decide to bleed the patient a little more. good. >> the do you think federal rye serve governors are sitting around, thanks, larry summers weighed in. that's just what we were looking for? >> you nailed it. we talked about the fed watching the stock market, one of the things you have to pay attention to because we've had rates so low so long, it helped asset prices it is not quite clear what extent the stock market reflects economy or helping to lead the economy through a

wealth effect. if this downturn continues -- jon, neither. if people continue to lose serious money in the stock market, that would weigh on economy and change balance whether to raise rates. melissa: i hear james freeman with us from "wall street journal" can you join our conversation? what do you think of what jack had to say. >> happy to. great to be here. as far as what the fed has done, what they have mainly done make wrong predictions every single year based on their belief that this monetary policy, hiking of asset prices will lead to real economic growth. it hasn't. now, i guess maybe we should throw in the towel to accept, hold off once again raising rates in september. what we need is a policy turn where people finally realize that is the not path to wealth. melissa: darius, what do you think? >> absolutely. i agree with gentleman that just spoke. melissa: james freeman is brilliant by the way.

if you don't know who that was. >> over last five years, federal reserve forecasts of growth and inflation have been off by average of 100 basis points. sometime during the year, gdp growth of 3%, inflation 2% as part of end of year forecast. growth averaged 2%, inflation averaged 1%. this year is no different. melissa: this makes them typical economists. in economics you can only say what happened before, never what is going to happen. >> predicting is hard to do, especially about the future as the saying goes. fed has made a hash of it. their policies they think would stimulate economist. clearly they haven't. they make all the wild eyed guesses what will happen next year. they're practicing or trying to practice what used to queue republicans up, trickle-down economics. under barack obama the policy is make the rich richer and rest of the people will be helped.

it has not worked. melissa: john, isn't it really bad news they have no amount anything left? they're sitting at zero. can't even raise rates? or do they have other things they could be doing that are more terrifying that we've never seen before. >> qe4, don't -- major selloff in 1998 in the summer because of weakness in emerging markets. then the fed could cut rates. now they can't. who knows where this will end. melissa: on that happy note, thanks guys. connell over to you. connell: interesting what is happening next nightmare on wall street, what happens next, melt down on wall street, we'll continue to cover it. 588 on the downside. that doesn't begin to tell the story about what a day it was. oil another part of the story. stunning new low for oil price. look at this. below 38. we'll continue here, "after the bell."

connell: a lot of different angles to the market selloff, one of them is oil, 39 bucks a barrel, first time since' 09. ends at six 1/2-year low. all-star panel is back with us. we have 48 people on the panel. we'll spend a few minutes talking to all of them. john lonski, what about the oil price? your takeaway where we are. being below 40 stands out. >> that tells me the supply of oil far, seeds demand of oil. doesn't only hold true for oil. it holds true for industrial commodities in general. base metals prices are now at their lowest level since july 2009, the first month of this worst economic recovery since the 1940s. connell: so this then continues. anybody, darius, take a stab at this, to go lower? is there anything that would make oil turn around and heading higher in your view?

>> yes, totally. fed can back of ridiculous expectation of hiking interest rates. that supports support for euro and japanese yen. weaken dollar further. see stabilization of commodities prices. connell: goes back then, we were talking about the lockhart comments earlier, jack. but then, it really does go back to the federal reserve like all discussions seem to this hour. >> i think so. on oil price, when i don't know the answer to something i steal from someone who seems to. our economics editor at "barron's" has been right about the falling price of oil all year. last thing he wrote a year ago, could see a temporary trading bottom about 20 bucks a barrel before rebounding back where we are now. if you're out there as investor you're bargain hunting, energy has gotten cheaper. yes, it has gotten cheaper but i'm waiting for more sign of capitulation in the energy market than i see here. companies will have to cut their dividends, something like that.

things will have to go more wrong. connell: $20, that sound -- what do you think, steve? >> who knows. we would all be on the "forbes" rich list. there is huge discrepancy, traditional patterns of trading between oil and gold. could you see oil going up and gold has to come down from these levels. $30 for ounce of gold that is twice normally what it is. connell: what about gold, james freeman. i don't think you've been called on yet. traditional safe place haven to go. discrepancy between oil and gold steeves talks about, what do you make of it? >> for all the commodities we tend to cover them as market stories that there is pain among traders. but i know we're talking a lot about the federal reserve dominating the the con. connell: yeah. >> low commodity prices are big stimulus for all kinds of economic growth. connell: right. >> if we could get out of the mind set that growth is result of easy money from the fed, i

think we could see this for most people as a very bullish sign. obviously not if you were long on oil as a trader but if you're driver, consumers, pretty much anyone in the u.s. >> want to own an airline right now. connell: it is funny, it gets knee collected, robert. we get trader centric or wall street centric, people say you know what? i like the price we're paying for gasoline. >> big time. it is cheap. >> talking to me. connell: you're only one spoken so far. robert, i'm only joking. >> the physical crude oil market has a problem right now because it is running out of places to store the product. so our viewed of crude oil, stuck in a range of 40 to 60. but near term there is a risk it could get down into the mid to high 30s because there is supply glut before we start to soak it up again. as far as, you know the commodity benefit for the consumer, we've been talking about that really since the beginning of 2015. idea that there was windfall benefit to households due to

lower energy consumption expenses. it really hasn't shown up yet. i think that story, if you held your breath on it you would be passed out on the side of the road. connell: which a lot of people probably would be for another reason today. thanks to one and all for joining us there in that little roundtable. melissa, back over to you. melissa: the markets taking a nosedive today and gop candidates sounding off on the massive decline. we'll tell you what they had to say and who they're pointing their finger at. we'l technology empowers us to achieve more.

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melissa: republican presidential candidates, big surprise, not wasting anytime placing blame on the administration for devastating stock market plunge today. listen. >> because this president run up more debt than any president in american history, that debt has

been given to us in large measure by the chinese. >> one of the reasons that the whole economic situation has stalled is because for the first time in american history business owners are figuring out how to shrink their business, not how to grow their business. >> we have politicized the fed by giving a dual mandate, full employment and inflation. i don't think the fed has a lot to do with employment frankly. the second part of their mandate caused qe2 and qe3. i think it create ad problem where they're a real market-maker and market mover. melissa: oh. i knew the president was to blame. donald trump reacting via twitter, say as i long have stated we're tied into china and asia that their markets are tanking the u.s. market down of the get smart usa let's bring in our panel. steve forbes, jack how much, darius dale, john lonski, are with us. who is right there?

donald trump says this is china's fault. we're closely tied. >> imagine what apple would be without china. chinese when they muck up it does have worldwide reverberations, just as when the u.s. mucks up. we're both mucking up. the candidates are right. it is barack obama's fault at least 90%. melissa: jack, what is your opinion. >> all his fault on down days? what about big market rally. he doesn't get credit for that. melissa: he gets credit for that because he help eased -- that's right. that is also the blame. that is the bubble that is out there. >> i will happily put some of the blame on china but just because again, we're so dependent on china, not for our overall economy but for the growth on the economy. there just hasn't been enough earnings growth to support the valuations we've had. we depended on doing more sales with china. looks like some of the demand is going away. people want to pay lower prices for u.s. stocks.

melissa: james freeman, carly fiorina, i had advantage of looking on paper, made the most sense. she said we politicized the fed. the fed shouldn't have anything to do with employment. implication there is they're not very good managing it and they have created a problem with all the qes trying to manage inflation. >> yeah. i think some members of the fed even if they weren't philosophically there they ended up thinking washington is not going to help this economy at all. it is all on us so we've got to do what we can. would say president obama deserves some of the blame because he is responsible in large part for this 2% growth environment we're in that can't support higher stocks prices. i would also give some blame to clinton and trump because, let's face it, markets are about the future. obama is short-timer. you now look at possibilities following president obama, i think you got to be less optimistic. they are not talking about growth. melissa: john lonski, you know, i love to blame people.

it is one of my favorite things to do so i'm loving this conversation. chris christie blames the president because of debt, because we're so deep in debt. i know it is a bad thing but does it have anything to do with this particular correction. >> i don't think so unless you think china is one of the biggest holders of u.s. government debt, i suppose there is risk if chinese are for forced to liquidate holdings of u.s. treasurys, at that could push interest rates higher regardless what the fed says. both public and private sector yet to fully come to terms with an aging population, an aging workforce, as well as ever-intense competition from cheaper emerging market economies. melissa: yeah. entitlement payment overhang. robert, who do you think is to blame? >> while there are probably elements of truth in everything said in your taped segments from the politicians i don't think it i fair to blame the current administration,.

melissa: come on, it is fun. >> again this is not about the fundamental state of the u.s. economy. this has more to do with very disappointing news at of china. china's devaluation of their currency. they're trying to do the right thing, move economy towards consumption based economy and auto sales went negative first time on year-over-year basis the first time since the great recession. investors are nervous including everything you just said. melissa: they're telling me we've got to go. connell. connell: melissa, thanks very much for that. "mornings with maria" tomorrow, senator lindsey graham is on. i'm sure they talk about all of those things. the market and trump attack on the hedge fund everything going on in the political world. the morning after, what you need to know before the opening bell. we saved our best question for last. we want to know what comes next after this happens today. panel predictions in just a moment. ♪ progress: that whether times are good or bad,

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>> all right. deep breath,

market selloff, what's next? the studio panel still here, gary, we can start with you, what's next. >> higher highs and lower lows. >> do you have any predictions going into tomorrow. >> i think the stock market could go a little bit lower from here. but let's keep in mind, the stock market is not just one thing. >> right. >> and there's been a severe difference between the have seen and have it is not. if you're not shopping for momentum stocks that have been cheap and now gotten cheaper, i think you can get some good deals. >> today is such a strange day, the moves back and forth, not that the future easy to predict, but seems difficult now. what do you think's next. >> just goes to show what jp morgan said, stocks will fluctuate. so i think you'll get perhaps a little bit of a rally tomorrow, but i wouldn't bet the farm on it or the 401(k). >> must be why they named the

bank after him; right? boy, what a day and down 5831 we'll see what tomorrow brings. melissa. >> all right. that does it for us. we're going to hand it over to deirdre. risk and reward is going to get started on this day right now. deirdre. deirdre: a wild ride, stocks get colored on this historic trading day, all major averages are in a technical correction. that means all industries down at least 10% from recent highs. the dow logged its single biggest one day point drop ever, you see the time stamp lower by as many as 1,000 points. nicole is at the new york stock exchange, been burning the midnight oil, the morning oil and then some. nicole, how many traders told you that today where end differently. >> they didn't know where to run. some said they would put money at the work thisee