we face, we continue to ve the best universities, some of the most productive workers, and the most innovative companies and the most adventurous entrepreneurs on earth, and what sets us apart is that we have always not just had the capacity, but the will to act. the determination to shape our future. the willingness in our democracy to work out our differences in a sensible way. and to move forward not just for this generation, but the rest of the generations. we need to summon that spirit today. the american people have been through so much over the past few years dealing with the worst recession, the biggest financial crisis since the 1930s. they have done it with grace. they are working so hard to raise their families and all they ask is that we work just as hard in this town to make their

lives easier, and that is not too much to ask. ultimately, the reason i am so hopeful about our future and the reason i have faith in these united states of america is because of the american people and their perseverance and the courage and the burdens they shoulder together as one nation. one last thing, there is no one who embodies the qualities i mentioned more than the men and women of the united states armed force forces, and this weekend we lost 30 of them when their helicopter crashed in a mission in afghanistan. their slosz a stark remi-- thei stark reminder of the risks that the men and women take for their country, day after day, night after night, and they carry out missions like this in the face of enemy fire and grave danger,

and in this mission, as in so many others, they were joined by afghan troops, seven of whom lost their lives as well. so, i have spoken to the generals in the field as well as president karzai, and i know that our troops will continue to hard work of transitioning to a stronger afghan government and ensuring that afghanistan is not a safe haven for terrorists. we will press on, and we will succeed, but now is also a time to reflect on those we lost in the sacrifices of all who serve. as well as their families. these men and women put their lives on the line for the values that bind us together as a nation. they come from different places, and their backgrounds and beliefs reflect the rich diversity of america. but no matter what differences they might have as individuals, they serve this nation as a team.

they meet their responsibilities together. and some of them, like the 30 americans who were lost this weekend, give their lives for their country. our responsibility is to make sure that their legacy is an america that reflects their courage, their commitment, and their sense of common purpose. thank you very much. . president obama with remarks of ten minutes ending of course with that awful loss of life of the u.s. servicemen in afghanistan in the weekend and weaving in and he started out the remarks on what we are watching right now the dow is down 430 points and volume unender 11,000. let me bring in andrea mitchell and chris matthews. chris, first your reaction, of the president talking about the american spirit and how to recover from the credit rating and to choose to weave it into

the loss of life that we continue to cover of the troops in afghanistan? >> well, it was a hard abutment there, because one is so emotional and patriotic, and the other is a sophisticated situation where the other is so heart felt for the american people, and it is so difficult for him to put them together, but the timing is critical. he probably didn't make news of the presentation, but he brought us up to date. he said we need to balance long-term debt reduction and fine, but we will not get it, because the other side feels they have argued well the tea party support, and they will take whatever debt reduction is accomplished and they don't feel like they should compromise, and therefore, what is going to happen is if they don't compromise is the president saying we won't get anything done which is this awful situationf of divided government, and if other side

doesn't act, then nothing gets done, and this is a horrible proposition to put before the american people, and unfortunately, that is the bottom line. >> and the president made ref re -- reference to the grand bargain, and they have to call the congress out to recess and let's do this and tackle the recess if this is the true problem here. >> and he says that he wants the immediate extension of the tax cut and unemployment benefit extension, and as well he says a plan for the committee of 12 and nothing can be done until this is appoint and a couple of days before this is appointed, and he says we need a white house plan

and revisit the balanced approach, and basically saying that no rating agency can take away the aaa rating and we are still a aaa rating, and call to leadership and hope and to push back those who say we are psychologically weakened by what standard & poor's did. >> and chris, they say no credit agency can do that, but one did, one of three, and the president says a renewed urgency because of the decision of the s&p on friday, and there may be an urgency, but if there is a divide in the country how can this turn into a productive result, and again, the dow is down 406 points. >> every one you meet has a different solution to the problem. the conservatives, the people on the right, believe that the answer is to keep the taxes low, and force the democrats to basically belly-up with more spending cuts.

they are absolutely convinced, or to beat them out of office or to get rid of obama and that is the solution. and the liberal part of the country believes they have compromise and you heard emanuel cleaver, the head of the black caucus saying they have compromised on the medicare, and that is not how most americans look at it. most people believe we have to look at the debt that is impe impeding our ability to compete globally. and the president says, i will deal when the other side deals and the other side says, we won, and we won't deal. andrea, the points are all there, but it needs an engine to make it happen, and the president is not the engineer anymore and he is not running the train. we are basically stalled as a country politically right now, and that is the challenge and the problem.

>> chris and andrea, thank you for sticking around. let me bring in the president of river twice research, zachary cowbell. so, zachary, what stands out the most? the renewed -- you are shrugging your shoulders? >> well, nothing br, but the demeanor and nothing that sounds overly urgent. from the market perspective and maybe there is a desire among the investors for certain conclusive we will do this directional ti and he is not going to come out to do that and we will see what ben bernanke says tomorrow at the fed, but i think that, you know, it seemed to me more like a reiteration, and we know the problem we have and we have to do something about it. >> and obviously, over the weekend, we heard people say that the decision to downgrade should not have come as a surprise, and critics say that the s&p says that the news editorial if the feedback was

things aren't getting done and as opposed to hard proposals and the president wanted $4 trillion in cuts and the grand bargain and the grand plan includes revenue increases, and where do we go from here? >> and s&p made a political statement about what is an economic situation and i had serious problems with the downgrading issue, because it is like the credit card lowered your rating because you and your spouse are having a problem. this is a real mini crash in the market and call it what it is, because we have investors holding up the equity markets and investors are the only place to go for money. >> and the sa and p do-- s&p an have been downgraded with fannie

and freddie -- >> and berkshire hathaway. >> yes, and it is like another issue. and downgrading fannie and freddie 2 1/2 years after the mortgage crisis is odd in that there is gambling at casablanca and thank you for informing us of that. and more importantly, there is a lack of confidence in the markets because of the shock. s&p did not draw any attention to anybody who didn't know, but a psychological effect, and inappropriate one. sxwlt f >> for people with the portfolios and the immediate future and what should be the concern as we look to see what happens in washington. >> right now is totally impossible to do what you will do, and no one can call a bottom and this won't go down another 5%, but it is a time to be fearful, because everybody is fearful, but it is not the time to take radical action because of it, because historically, it

rarely proves effective. >> thank you, zachary care kara >> and now back to details of the helicopter that was hit by a rocket, and killed 30 people. they say this is not a signal that the taliban is gaining momentum. the president speaking about this awful tragedy. >> these men and women put their lives on the line to defend the values we have as a nation. they come from different places, and their backgrounds and beliefs reflect the rich diversity of america. >> also, today, a ceremony at special command, and leon panetta said that the troops' deaths will not be in vain. >> they were far from home, but

we know that they were also where they wanted to be. doing what they wanted to do, alongside men who perhaps wereh brothers. >> and joining me live now from kabul, afghanistan, is atia, and let me start with they were hopeful to retrieve the bodies of the men who died there at that battle. what else do we know. >> well, that is right, tamron. we have heard from the isaf officials that i have cordoned off the crash site as they continue the investigation, but what we know from a u.s. official they have retrieved the bodily remains and right now trying to identify the victims and the reason they are in the crash site area is because they are trying to retrieve the wreckage now, and according to

u.s. and the nato officials we are getting more details into what happened saturday in the overnight raid when 38 people died, the afghan xhcommandos an navy s.e.a.l.s, and they were coming into tangi valley to help u.s. army officers who were pinned down with a fight with the taliban as their chinook helicopter was hit by a rocket propelled grenade bringing down the chopper. >> and atia, people have wondered out loud about this mission, and why this elite forces would be going in and we know that you reported for support there, but do we know anything about the taliban leader and why this elite group

was used for the mission? >> no, new inforrermation coming out as to why they were used, but we know they were going after a taliban leader, and talk about the province they went into, because it is a volatile part of the afghanistan, and the haqqani network is brutal, and the taliban leader is expected to be a part of this haqqani network and the suicide bombings and the car bombings we see in afghanistan is primary because of the haqqani network and all we can speculate at the moment is that they were going after people involved in that group, and they are a deadly group, and right now the speculations cannot continue, but isaf officials are not giving us word on who this taliban group were and what part of insurgents were part of this fight. >> as you heard, among those identified is matt mills

enlisted in the navy 15 years ago and a member of the elite s.e.a.l.s team. he was deployed 13 times. and john tom illson is being remembered as a all-around down to earth guy who would run 14 miles a day. and joining me now from norfolk, virginia, and todd, four of the s.e.a.l.s killed were from ta area, and i know you have been there all morning, and what are you hearing? >> well, a lot of grief, tamron. you can expect that. this is navy s.e.a.l. country, and tens of thousands of families are connected to the navy and the navy s.e.a.l.s and one of the s.e.a.l.s killed was aaron vaughan who is a 6'4" man and his grandmother described him as all muscle, but also described him as a gentle man, and you can imagine that this is grief that many people cannot understand because many of the family are surprised from their loved ones and the s.e.a.l.s

serve hundreds of days a year away from the family, and now we learn of this news. we learned of one s.e.a.l. wife who is the wife of one former navy s.e.a.l., and she said, we pray everyday that they will come home, but obviously, this weekend, some won't come home and it is a nonprofit foundation and with the coming days a s asy get the names of the dead here, they will mobilize to travel to maryland as the unfortunately the bodies are flown back to american soil. it is going to be a difficult time for many of the families here. local chumps now here in the norfolk area are trying to collect money and yesterday we heard of one church here giving 10% of the collections to give to the families here, to give whatever they will need to support some support for the families right now who are very much in grief. tamron. >> thank you.

and with me is arkansas state representative is john woods friend of a technical sergeant john brown, and i know you were one of the ones who knew your friend the best, and who can you tell us about him? >> well, thank you for letting me cite some of the good things about my good friend john brown. he was 6'2", and 230 pounds and great athlete, and mentally sharp, great sense of humor, and in high school we would watch "saturday night live" every saturday night before we would go out with our friends at night. he was a big chris farley fan and adam sandler fan, and he was physically one of the top soldiers. in high school after football practice or basketball practice or track, he would go home and

eat dinner and put on his shoes and run for a few more hours. that is how fizz scli pphysical was. he was the ideal soldier. >> i know that a lot of the hearts there in silum springs is heavy, and let me play what john's mother had to say today in her pain. >> if there is a come fourth in the situation, i'm so proud of my son, so very proud of him. >> and john, you said the same thing, you will miss him temendous, and he died a hero. in that attack in afghanistan. >> yes. and it is unfortunate. it has been a long weekend. i have been contacted by a lot of friends that i have not heard from in years that we graduated together, and john was 33, and we graduated the class of '96 from the silum springs high school, and great guy, great humor and mentally sharp, and

physically fit, and no more better for an ideal soldier was john brown. >> and his dad described him as a modern day rambo, and healer and defending our nation. we give you our condolences who loved these men who gave their life for our country. >> thank you. and part of the population is facing a staggering unemployment rate, 15.9%, and the goal is to get tens of thousands of americans hired. we will go there live. take a look at this, please. do you see anything wrong with this picture? why this newsweek cover of michele bachmann has some of the supporters saying that the magazine is trying to make her look quote crazy. and live pictures of london after new clashes of two days of riots just miles from the site of next year's olympics and the

police are demanding momentous arrests for what happened in london. time for the your business ent p entrepreneur of the week. lolita collection took off as she licensed the brand from pajamas to jewelry to towels, and for more watch "your business" sunday at 7:30 a.m. yup, america's favorite. so we're celebrating the honey sweetness, crunchy oats and... hey! don't forget me!! honey nut cheerios. make it your favorite too! honey nut cheerios.

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if you can't afford your medication, astrazeneca may be able to help. >> welcome back to the series "jobs wanted." the black caucus kicks off five different cities and five job fairs. starting today in cleveland providing assistance to the americans in african-american community, and the unemployment rate of african-americans outpaces the national average coming in at 15.9%. jeff johnson is contributor for msnbc, and thegrio.com and joining us from cleveland, ohio, where he will host a town hall tonight. jeff, where are the jobs in people are showing up there, and it is nice to network and meet people, but you want to believe that you can go in there and land a job.

>> well, i think that the cbc has been incredibly concerned about that. there is over 200 employers here, and while the cbc has told folks they can't guarantee how many people will get jobs the start is having a partnership between employers who have potential employment, and a workforce prepared to go back. in the state of ohio, you are talking about three unemployed people for every job opening here. and just this morning, tamron, there were people lined up as early as 5:00, and they have said they have seen 2,000 to 3,000 people come through here already, and so you are right, there is a real issue of how many jobs are available, and things like this are connecting the jobs that are there with the people ready to work. >> i should remind people that you can see the town hall that jeff is going to host on thegrio.com live. and i want to ask you not who are the unemployed people blaming, but what do they see as

the hurdle to getting a job? >> well, the people at the local level are not overpoliticizing the jobs issue, but less whose fault is this, but who is going to fix it? they are encouraged for events like this, because it is connecting them to potential employers, and what is even more hopeful is that the cbc didn't bring employers in, but there is job readiness training and continuing education classes taking place here, and so it is telling people, don't just connect with the employer, but find ways that make you more employable for the jobs available, and that is one of the things that we have been missing in a lot of the conversation. >> yeah, and that is interesting as we look right now, because the dow is down 562 points and trading volume under 11,000, and the dynamics here, jeff, with the president speaking and saying that the jobs are important and you have a unique dynamic and i lived in chicago and you know the midwest very well, and maybe you have a lot of people who worked in fam tris and lost their jobs and they

need retraining to go into a different field and looking at this in the 50s and in some cases the mid to late 50s. >> absolutely right. i'm from cleveland and seeing that very thing, but that is, tamron, where i think that the administration is going to have to work with congress and the political level to start talking about where is the innovation going to come and where is the expansion and how do we create the jobs that companies cannot create, and that is why the multilevelled approach is, and elected officials know what they need to do, but they tare tryin to partner with the corporate people, and the education al level to create a better atmosphere. >> and i will be reporting from miami august 22nd and 23rd and you will see live reports right here on msnbc. and thank you, jeff. back to the breaking news from

wall street, and the dow is down 560 points and at one point teetering to 600, and the trading valium is under 11,000, and we will get an update from the white house and talk about the politics of the standard & poor's, and how politics affects every person in the country. we will have that conversation after the break. just one phillips' colon health probiotic cap a day helps defends against occasional constipation, diarrhea, gas and bloating. with three strains of good bacteria to help balance your colon. you had me at "probiotic." [ female announcer ] phillips' colon health. i've tried it. you had me at "probiotic." but nothing's helped me beat my back pain. then i tried this. it's salonpas. this is the relief i've been looking for. salonpas has 2 powerful pain fighting ingredients that work for up to 12 hours. and my pharmacist told me it's the only otc pain patch approved for sale

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no matter what some agency may say, we've always been and always will be a aaa country. >> joining me from the white house is cnbc's washington responsibility john harwood, and let's process what we are seeing right now, trading volume under 11,000 and the dow 541 points, and what is happening there? is it because of the downgrading of fannie and freddie or standard & poor's? >> yes, and also in europe and the support of italy and other countries in stress. this is a difficult time, and as alan greenspan said on "meet the press" that this is a blow to the psyche of the united states, and we are seeing it in the market, and the president trying to come out to strike a can-do optimism and saying there is nothing wrong with the country that we can't fix if we have the

political will to do it. and he invoked the spirit of those who lost their lives in afghanistan over the weekend saying we need courage that is worthy of their sacrifice. >> and he quoted warren buffett who said that we deserved a aaaa rating. and the president had to acknowledge the melee that we witnessed over the debt ceiling debate. >> yes, and he tried to put the negative into the positive energy, and surfed it by saying that on the heels of the growngrade, this means more that congress has to come together, and make a grand bargain and the kind he struck with john boehner, and the republicans in the house resisted the tax increases to get a large bipartisan deal, and that why we had the negotiations drag on right up to the 11th hour, and made a deal that disappointed the market, and certainly

standard & poor's, and the president, even though it was a blow to him, but a ecause becad on his watch, he is trying to get some momentum for the fall. >> and u.s. treasury secretary tim geithner took a swing at standard & poor's saying they have a stunning lack of knowledge about the u.s. debt. and if you go on the blog, people are critical of the s&p and are politicizing the decision and questioning the involvement and the reason behind downgrading. are we making or are some progressives making too much out of that line? >> well, the s&p framed nit pit political terms and not just the debt and the gdp ratio and all of the technical stuff that underlines the assessment, but it is about the belief of the u.s. market, and how resilient

it is, and tim geithner said it is fundamental underestimation of our credibility, and he says look at how they have done in the past, and that is a reference to the mortgage crisis when they rated junk that was overrated. >> and also george will was on earlier and said that s&p has no credibility to be compromised in the decision, because of the way it handled the mortgage crisis issue, and we are hearing it from the obama administration and their criticism of the s&p. thank you, john. and let me bring in andrew sloan of the m.i.t. economic department, and what do you believe of this? >> well, i believe there is a short-run reaction ran longer

run. and the short-run, we are seeing people reacting to fear, and over the course of the next beabeak -- next few weeks we will have to see how long this will be, and also the cost of borrowing will rise, so we will have to deal with that as well. >> and you say that people will stuff money into mattresses and obviously not literally, but explain the thought process there. >> ellwell, it gets to the poin where people get to a point where they get so scared they wanted to hold treasury bills and we saw that when lehman brothers went under, and people were willing to give up money to hold on to them, and when with have flight and panic, we could see a similar situation occurs over the course of the next few days. >> and you also say this is the worst thing to have happened to a weak economy and you have some who say that what we experienced prior to the taking office by

this administration, some experts belief we could dip below that because numbers are lower than 2007, so you are starting at a bottom point, and if you dip lower, it can be catastrophic. >> yes. we have been kicked when we are down and this is the last thing we needed and the frustrating thing is that if you compare the situation of the united states versus europe, they have a sovereign debt crisis as well, but here in the united states, this is a crisis of our own design, and we have created the crisis and not something that has to happen, but because of the political impasse, we are in a situation of unchartered waters. >> than yk you, andrew lo, professor. and also, earlier today president obama spoke about the helicopter crash in afghanistan over the weekend, and he said we will press ahead to make sure that the area does not become a haven for terrorists. he confirmed that the helicopter

was shot down by insurgents, and they were reinforcements by a group that was already under fire. andle le isome of the s.e.a.l. saturday were part of the elite team that killed osama bin laden, but were not part of the actual mission. and more details will be coming forward. and senators john kerry and john mccain, both former service members expressed different views about the planned withd w withdrawal. >> our presence has to be there to the point that we can protect our national security interests as we go forward. we are not getting out completely, but reduced to a level that prevents the taliban from taking over the country. >> the president's decision to

withdraw on the decision that was outlined, there was no military recommendation and all of the military leaders have >> and the interim chairman of votesnets.com, ashman, thank you for joining us. our colleague made the point on "morning joe" and it was joe scarborough who said very few pages of newspapers had the headlines of those 30 men fighting for us quite honestly and yet again we are hearing this term afghanistan, the forgotten war, and we have heard that when the war was in iraq, and how did we get back here? >> well, you know, it has been ten years now, since the war started, and our troops have done everything that was asked of them, but the mission right now is ambiguous. if the mission was to take out al qaeda, there are less than 100 left in the country and yet

we have 100,000 forces there, and they are asked to secure land which is ungovernable for hundreds and thousands of years and then with the turns in the economy taking, the economy has been on the front pages, and so, you know, that termed the forgotten war, and the people have, the afghanistan war has not been on the headlines much, and it is sad that it takes something like the death of 30 service members to bring it back to public's attention, but i think that is what happened here. >> and so, it brings it back, or the war back to our attention -- isn't that an incredible line to say, when you think about it, but it is back in the headlines today and hopefully as we continue, but with that said, does it change anything? you heard senators kerry and mccain, and two men who fought or our country, and respect them for it, but they see it very differently. >> well, you know, at some point our country had to ask how much longer this war would go on, and

at what price we were willing to pay to ak kccomplish what missi? and president obama has taken a reasonable stance which is, and it has been on the advice of some of his military commanders which is that reducing american presence there in order to leave a quick reaction force that can address terrorism threats such as al qaeda or the taliban starts to regain control of to country is in the interest, we don't needily need to have over 100,000 forces of troops there indefinitely for an ambiguous mission. >> do you think that congress could be improved if there were more people who fought for this country, and if they were there making these decisions? >> you bet. absolutely. that is actually what one of votevets.org, and you mentioned i'm one of those organizations, and that is the central mission is to get vets of iraq and afghanistan to be elected into

office. we want them to make decisions about the military to be making decisions which would be unique and helpful for the country and the service members. >> ashwin, thank you so much, again, it is vets.org. thank you so much. this story out of london. new riots developed between police and protesters. this is a live picture. moments ago we saw a building on fire, and you see the developments of this car on fire, and it is latest trouble following two nights of riots where the riotsers attacked police as well. they say that at least 35 police officers were injured an 160 people have been arrested. michelle kosinski is joining us from london which was brought on after a man was shot upon and fired by police wrongfully, and now this is fueling the

protesters. >> and what is the initial connection to the violence in london. the pockets are everywhere and not so much west london which is residential and more quiet, but far west and east london and the pic pope benedict xictures we are b between, you don't know whether this is a really big or all of the pictures coming from a big rn conner, and to put it in perspective, it is happening all over the place in pockets for three days now. we heard from the home secretary who said that really, at this point, no excuse for this. she called it sheer criminality, and basically just uncontrolled violence, just people running wild for the purpose of looting, for committing crimes to sort of release energy or vent their anger at police, and nobody wants to be naive about the

reasons here or try to get inside of the mostly young men's heads, but there are layers. this is happening in areas where there is high unemunemployment, anger to the police and maybe the initial shooting incident which is shrouded in mystery and nobody knows if the man pulled the gun on police or not, and the police have not answered questions which have sparked the anger. is this connect orded or a bunc small young men wanting to steal things like electronics and sneakers? we have been watching them do it. and so it has created more anger within the communities and people are saying, if you are doing this to vent anger at the system, or the police, what you are doing is to hurt your own community and your own neighbors -- >> and it is easy, michelle, for people to lose sight, because this is a 29-year-old man, a father of four, and you lose sight of the realities of the investigation and an attempt to

determine what happened, and if a wrong had committed because of the violence and the rioting taking place, and you lose silgt -- lose sight of the fact that four children have lost their father. >> and it is disgusting to london for most people to say, what is this about? how long will this go on? there is a criticism of the police department and we were watching on one of the feeds a resident standing in front of her burned out apartment building, and it is the building that you is seen many times the 1930s building obviously very old and completely gutted by fire, and crying and saying, we felt like the police were nowhere to be found. that it was just war on our streets and in our neighborhoods, but police are strapped, because only a small fraction of the force is trained in riot tactics and they are sending in some 300 other officers from areas outside of london and the numbers have gneb up all around and now more than 200 have been arrested and a dozen charged, and dozens of

police officers hurt, and as of this morning 50 separate fires have been set and we are watching them continue. the worry is that this is going to continue and groups of young people are going to say on twitter, hey, we can do that in our neighborhood, too. >> michelle kosinski, live with the latest in london, and we will keep you up to break. the dow is down at this hour at 470 point, and we will keep you up to date and we will be right back. [ male announcer ] germs in your mouth build up and form a layer called biofilm so strong it survives brushing.

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candidates. and hopefuls are there right now doing meet and greets and bus tours, and michele bachmann has made headlines in the state. let's bring in the msnbc news deputy producer mark murray. the dow is down still over 400 point, and what are we hearing from the folks as we heard from the president a short time ago? >> well, tamron, nothing on the dow drop specifically, but most all of the candidate on the trail which is tim palwlenty an mitt romney all talking about the aaa downgrade, and all blaming the president for the first time overseeing our country with a downgrade. and they are not only wanting to do well on the iowa straw poll, but win the gop nomination. >> and you have rick sanitorium

hosting a town hall, and they are out and about, and i'm curious what questions they will be asked for jobs and if you want to run for president, you have to tell people how to improve the situation if you get the big job. with that said, michele bachmann, and this is an interesting thing, mark, quite honestly, newsweek had a photograph of her on the cover, and many of her supporters say that this photo makes her looks crazy, and they are upset with this, and this is a situation that we saw with governor palin where her supporters and they feel emboldened and she is being picked on, and they fight heard. >> well, it is something that the bachmann reporters have pointed to in saying that was an unflattering photo for the presidential candidate. one thing that i have found very interesting about michele bachmann though is that when she ends up getting criticism and some criticism below the belt, she moves forward and her eye is on the prize, and she does not

get caught up in. and when chris wallace was asked if michele bachmann is a flake, she moved on, and moved on. our campaign at least according to our embed jamie fotograi, they are picking up and continuing on. >> and we have to cut your time short, because of the breaking news and the dau, and we appreciate your update. we will continue with the breaking news on the dow dropping more than 500 points right now, and we will get another update from cnbc right now after a quick break. instead. 'cuz robots work for free. robot 1:good morning... robot 1:...female child. sfx: modem dial-up noise woman: flaws? yeah, um, maybe. anncr: there's an easier way to save. anncr: get online. go to geico.com. get a quote.

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welcome back to the big breaking news this hour from wall street. the dow falling below 11,000 this afternoon and cnbc's sue herera is joining me now, and we are looking at the dow down 500 points. >> yes, and that is not the low. we were off 600 points a short

while ago. it is a combination of factors the take the dow down and one is a downgrade by standard & poor's, and other analysts believe that after the president came out to give his remarks, it was an indication to the market that the democrats and the republicans are further apart than ever, and the market is worried if that is not adequately addressed that moody's and fitch, two other rating agencies might follow s&p in downgrading the united states' debt, and that is the fear in the market. added so that, we have a debt crisis in europe that is not adequately addressed as well, and a lot of rumors in the market solvency or better said lack of solvency in several european banks, so there are a lot of cross currents today, and so a lot of people are selling what they can sell and raising cash to increase the comfort level for them and their clients. back to you. >> sue herera live for us at the

headquarters of cnbc. and the dow down 520 points and another huge sell-off today. that is going to do it for this monday edition of "newsnation." i will be back tomorrow, and in the meantime, thomas roberts is in for martin bashir.

hi, everybody. good afternoon. i'm thomas roberts in for martin bashir on monday, august 8th. manic monday. the market reacts to the new downgraded status. >> no matter what the rating agency say, we always have been and always will be a aaa country. >> and people across the country worrying about the 401(k)s and can anything right the sinking economy. and the fallen -- >> the man i fell in love with was gentle and kind and a wonderful father,