all right. we're going to be courtney reagan joining us live. the markets are officially closed now. everybody wants to know what happened? >> there is a lot of things we can talk about here. but let's start of course with the idea that a lot of this came out of fear or concern or maybe even if you want to use the word panic. we saw our stock market fall precipitously on friday. and over seas is really where the selling started to skrert. so european indexes down 4, 5%..

so european indexes down 4, 5%. in china, their main index down 8.5%. and they are the second largest economy. over the years we have become very interdependent. they export a lot of goods here. china also used a lot of oil second to the united states. oil prices are falling because the chinese economy is falling. all of the selling came out of fear. we're wondering what is going to happen with the chinese economy. and if our economic growth is tepid, it is not terrible or great it is sort of in between, what will the fed do? are they going to raise rates at the september meeting? december meeting or hold off until next year? so there was a lot of uncertainty and selling begot more selling and after a while we saw some brave buyers come into the market seeing stocks that fell cheap in comparison to levels that we have seen for some time.

so we saw some buying. once the buyers were done, the sellers came back in. it really was a roller coaster of a day. i know we closed moments ago. it is possible we don't even have the final sell. i see down 585. we'll see if that holds. we would tell individual investors not to panic. keep your emotions in check. you want to keep your eye on your long-term goals. whether it is for retirement or children's college funds. and it is a good moment to check in with with your financial advisor. make sure your risk profile is on par with what's comfortable for you. perhaps you want to take this moment to get into the market, to buy a little more if your long-term goals are further in the distance. these are all things to keep in check. but again don't let your emotions get the best of you. i know it is a little unnerving to see the markets down like this but it is not the end of the world. >> one thing everyone kept saying over and over today was a

"correction." talk to us about a correction and why this falls into that category. >> a correction is more or less when a stock or group of stocks falls more than 10% in a short peop period of time from recent highs. that is a little fluid but we are seeing a lot of stock, sectors or groups in correction territory. and that can be a good thing. unlike anything it is very possible that prices can run up too far, too fast or perhaps stock prices had gotten a little ahead of themselves. where a share of whatever company you want was a little more expensive than it should have been. it had gotten in front of itself. a lot of investors thought the market has gotten too far, too fast. they were calling for a correction and thought prices need to pull back a little it and that is a healthy cycle. stocks go up skpl stocks go down. we don't love it when it happens so quickly because that does sort of instill fear in the market and psychology a really important part of this. but a correction in general is

something that is actually considered healthy. in a lot of respects. >> so when we look at what happened today. obviously there is going to be winners and losers. let's start with the losers first. who are the biggest losers from today? >> so today it was really -- and i don't want to use the word blood bath two freely. but we saw red almost across the street. we did see apple shares sell off pret precipitously but then they were positive at one point in the day. and i point that out as an example because apple's market cap is so incredibly big. and you probably own a piece of apple whether you realize it or not. it is a number of funds. that is one of those names that moved all over the board. energy stocks have been really volatile over the past two month, three months as oil has fallen. say for names like the utility plays, those are sort of the more risk averse or risk-off sectors we look at. perhaps faired a little better

than the rest. but then if you look at the sector like retail that i cover, you are across the board. walmart is down more than 30% from recent highs, or you have a name like a lowe's which is only off about 10% from most recent highs. so some of this too has a lot to do with stock picking. and you can't really paint this all with one brush. >> and ultimately, have there been any winners or does anyone benefit from what happened today? >> again, if you were in the camp that you felt some of these stocks had run too far too fast and the price to earnings ratio made the stock valuations too rich, then perhaps you could be a winner because you could get into a stock that was priced a little too high for you. to it is hard to get it with a broad brush and say this is a winner, this is a loser. it depends on your individual risk profile. >> thanks for that. we're going to get more throughout the course of the hour. but i want to bring in now our panelists.

thank you all for joining us. ron, let's start with you. this is one of the days the dow's biggest one day point loss ever. what do you tell people who are nervous tonight when they are looking at where this day falls in the history of stock market plunges? >> well to put the day in perspective, ayman, if you go back to 1987, october 19th the stock market crashed 508 points. in that crash the market was down 23% in a single day. today when the market was down 1089 in the first minutes of trading that was the largest single day point decline but in percentage terms it was about 7, almost 8%. historically it is not, you know, the biggest in percentage terms but obviously it is now the biggest point loss in history on an interday basis. we didn't close down more than 800 points which is the biggest single day decline.

it's still unnerving. in the last several days wii have lost almost 1600 points in the last week and one trading day. that is a serious correction and it does reflect concerns of global growth slowing. and doesn't necessarily mean investors push the p panic button. you stay with your individual approach on informsi investing up stocks on the cheap. i don't think the correction is fully completed yet. we have to see what happens in china and by the end of the week do they tell us they are going to delay what everybody believes to be a planned rate hike in september and do we get relief in that regard? >> and we're going to get to all those points you raiseds, ron, a lot very importantly particularly about the issue of the fed and what they can do next. let's talk about the the u.s./china relationship. for a long time the u.s. was dependent on the chinese economy. and today there are questions about the reversal of that that the u.s. can withstand what is happening.

how do you see the relationship in terms of who's affecting more here? who can withstand the other more. >> they need us much more than we need them. the united states has a big economy. it is deep, it is resilient and it is more or less stable. china is not. china has an economy that is not growing at the 7% they claim. maybe not even at the 2.2% they privately talk about in beijing. it is maybe 1 or maybe even 0. but if it is not there it is going to be zero in a couple of the months. largely because you have a lot of problems and the chinese leaders cannot effect the change to change the direction of the economy. that is the problem right now. >> are there any signs that point to a longer term slide? we're three days into it. friday finishing low. today also record numbers. what should we be looking at for in terms of the day ahead? this going to be a more regular trend. go ahead lon. >> i was just going to say that

i think that one important thing to watch throughout the rest of the week will be this federal reserve conference going on in jackson hole starting on thursday. that is where members of the federal reserve, as well as other top international policy makers will be convening. and i'm very certain that the slide in the markets will be top on of mind. the risk of a global economic slow down will be top of mind. and understanding o how this factors in on the e health of the u.s. economy and interest rates. and we'll try to get a read on that. >> and jared, obviously a lot of questions surrounding the fed and what they are going to do next. there's been a lot of speculation they may try to race interest rates soon. the next meeting i understand is supposed to take place in the middle of the september. couldn't that be risky in a environment like we're seeing today and late last week? >> well if you go back a week or so, markets were suggesting that the fed probably would raise rates in september.

i think that the likelihood was about 50%. that's been cut by half just in the past few days. i think at this point it is quite unlikely that the fed will raise rates in september. and i'll tell you one reason why. i agree with what was said earlier about the extent to which the u.s. is exposed to china isn't that big here. we export about 6% of our exports to china. that is not that big a deal. however the strength of the dollar, that is, the fact that the dollar keeps appreciating relative to other currencies, including the chinese currency, makes our exports less competiti competitive. what is one thing you could do to make the dollar appreciate even faster? that would be to raise interest rates. they are not talking about the raising interest rates a lot but believe me they know the risk. and that is why now i believe it is going to be pushed out from september to later this year, perhaps earlier next year. >> gordon you know china very

well. we were talking about china in terms of what they were doing. a lot of speculation sometimes that the chinese may be, quote, cooking their books. to say it very straightforward. how much confidence do you have in terms of the chinese economy what they are doing with their numbers, in terms of decisions they are making? are they simply reacting? are they falling behind and i think you said they demonstrates a certain degree of confidence in handling the situation. >> since beginning of july chinese leaders have directed a buying program in the last half hour of the afternoon sessions. and that is meant to erase losses during the day. i just assumed that they were going to do it today because both thursday and friday they had big drops in the shanghai composite. and i imagine that they did not want to see this run further but they didn't do it. and i think that that may be because of the paralysis in beijing right now about to do. a lot of people disagree about

what the chinese leaders should do on the stock market. and i think that is a problem. and the books numbers are unliable unfortunately. we can see the devaluation, all the things they are doing are inconsistent with 7% growth. >> and how the oil may be impacting globally. lowest in six years. it may be good for gas prices and ordinary consumers but how is this effecting the global economy? >> in many cases it is a cause and symptom of what is going on. oil prices are falling as a result of the huge supply glut we have. saudi arabia is pumping flat out. shale production is still up. iran may be coming back online with more oil. supply and demand are out of the balance. and if china were to weaken, china the second largest import are of oil besides the united states and japan. it would push oil prices down even further than where they have gone. we're at a six and a half year

low. that's huge pressure on oil companies. the energy stocks have been big drags on the major market averages. the you look at falling kumpbss not just in china but in far place likes kazakhstan, turkey, vietnam, we're seeing currency crises in a variety of countries reflecting concerns about global economic health. one of the commodities most sensitive is oil along with copper and both are at multiyear lows and raising a red flag of global growth. >> the 2016 candidates are weighing in on today's volatile markets. obviously donald trump and chris christie both weighing in. take a listen to what they had to say. >> i've been telling everybody for a long time, china is taking our jobs. they are taking our money. be careful, they will bring us down. you have to know what you're doing. we have nobody that has a clue. >> what's happened is because this president has run up more debt than any president in american history, that debt has

been given to us in large measure by the chinese. and so now as the chinese markets tend to have a correction, which they are doing right now, it is going to have an even greater effect. >> so what is -- >> yeah jared, what's the political fallout of the market crashing? you could expect there is going to be a little political posturing. but how much is true and how much is just posturing? >> that was all posturing. there is going to be a lot more of that. i don't think you turn to candidates running for office for much of an analysis on a day like this. probably the best thing you have heard so far is that the idea that if you are an investor yourself or a stock trader, don't panic. don't sell into the correction. first of all look, on the debt point, interest rates are extremely slow. so anyone trying to argue that the government's borrowing is somehow crowding out interest rates as chris christie was incinerating is patently wrong on the numbers.

it is very important not to conflate the stock market with the real economy. there are connections and we've been telling you about some of them. there are connections through currency. there is connections through commodities like oil. but the fact is that the u.s. economy continues to post decent growth rates. the job market continues to tighten and frankly i don't see what we saw today as changing my outlook on that very much yet. i remain concerned about some of the issues we're raising but let's not pabic. and i actually thought donald trump there was saying basically push the panic button. and that is bad advice. >> if you don't mind i would love to respond to donald trump because he is so wrong on this. china is operating from a position of weakness. devaluing currency. trying to sell commodities to raise cash. 500 billion has left china in the last year. they are in desperation. they are not in manipulation mode right now. they are weaker than we are by far. >> gentlemen i'm going to ask you to stay with us.

coming up the number one question average joes are asking today. what does the stock turmoil mean for my 401(k)? we're going to have much more on today's manic monday on wall street. and developing overseas. three americans receive france's highest honor of thwarting an attack on a passenger train. and much more about the suspect we're learning this hour. and jeb bush right now is at the texas/mexico border talking imimmigration, political correctness and sending a message to donald trump. we're going to be live there as well.

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down 13%. >> i -- i -- i don't -- this is -- i got to make some phone calls. because that's -- these are -- >> you got to find out -- >> these are enormous moves. >> well you are hearing there some shocked reaction on wall street this morning as the dow plummeted more than a thousand points in the early minutes of trading. kicking off one of the most volatile days ever on wall street. certainly in my lifetime. after a rebound this afternoon the dow ended down 588 points. so the question i guess on everyone's mind is what does this all of this mean for your and your money? joining me global editor and chief for peter goodman and ron ensana. peter, what are investors doing right now? they are watching the trend over the past 48 hours of trading. what are individual investors and institutional investors doing? >> institutional investors are yanking their money out of everything they can get their money out of liquid and then deciding to put t it back when

it looks like good values. the markets are really schizophrenic. what we're seeing is uncertainty over almost everything. there is an overreaction to what's come out of china because in a vacuum the chinese stock market is really not all that important. nobody believed that the prices previously reflected fundamentals. it's manipulated by the chinese communist party. and the chinese communist party has been herding a very small group of retail investors into stocks and now they are having a real hard time keeping the market from plunging. that is the part markets worldwide are focusing on. the sense that even though the chinese storkt may be be all that significant by itself, the party doesn't have control over events in way maybe previously we thought they did. and that suggests that the slow down could be worse than we thought and that have all sorts of ripple effects.

and there are linkages that we never know are there. things we didn't know were linked until trouble arose. you know, this is the history of global capitalism. we discover that russia is connected to mexico, connected to indonesia. >> a knockoff effect. >> there are ripple effects. once people yank money out of one place, somebody on the other side of the world discovers -- >> a big part of this is psychology right? >> people talk about confidence and we have a classic crisis of confidence. we don't have much information. there are no reasons to believe fundamentally that chinese stock markets could be valued at one level or another. it's been according to state dick at the same time and now the state is clearly not in charge.

>>. >> tremendously, might be a bit of an overstatement. only because this is still within the bounds of what many would consider a normal correction in the stock market. however swift and violent its been. and corrections by nature are short, sharp and scary. so crashes and bear markets which are protracted and deeper are different animals to mix a few metaphors here. but the individual, and certainly as many have said doesn't need to panic. there are stocks that are considerably cheaper today than a few weeks ago and more attractive as investment opportunities. by the same token it is important that we pay attention to what goes on in the world. as was just said, if -- you know, there is an old expression that if the u.s. sneezes the rest of the world catches cold. if china sneezes maybe we don't catch pneumonia but we might be a little ill for a period of time and it is something you have to keep an eye on.

you don't necessarily change a disciplined long-term strategy but it is understandable people get unnerved by this. the moves are pretty dramatic. even relative to history we've seen in the past. >> both of you are going to be joining us later. stick around. straight ahead, jeb bush is at the u.s./mexican border. and as it happens, new reports joe biden is leaning towards a 2016 run. howard dean is here with his reaction. ♪ (dorothy) toto, i've a feeling we're not in kansas anymore... (morpheus) after this, there is no turning back. (spock) history is replete with turning points. (kevin) wow, this is great.

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said. the simple fact is that his proposal is unrealistic. it will cost hundreds of billions of dollars. it will violate people's civil liberties. it will create friction with our third largest trading partner that is not necessary. and i think he's wrong about this. >> joining me now is nbc news senior white house correspondent chr jansing. there's been a lot of comparison between the two and who is setting the pace about which topics, what issues to be discussing. what is jeb bush saying to contrast himself or differentiate from donald trump? >> well they couldn't be more different on this issue. i don't think it is that hard to contrast but clearly that is what his campaign wants to do. and i think right out of the box he criticized donald trump saying a proposal by another candidate, wouldn't even use his name, at least at the start, doesn't work. you have to have a much deeper strategy than just building a fence. but then most of the questions

were about this ongoing fight over immigration between donald trump and jeb bush in his home state by the way jeb bush was born here in midland, raised in houston texas. a lot of spanish speaking media asked him about his use of the term anchor babies, considered a derogatory term. e basically pushed back against it and said, you know, he's married to a mexican. he speaks fluent spanish. his kids speak fluent spanish. they consider themselves culturally mexican as well as american. so we need to chill out from political correctness. taking a page from donald trump. but also taking a page from him because he said he ought to read my book. how many times have you heard donald trump say. of course he's is the art of the deal. jeb bush is called immigration wars and he said that is what he wrote. that's what he's sticking by. he has a plan and donald trump doesn't ayman.

>> what are people saying about bush's strategy in terms of talking trump. is it good he's trying to take on donald trump directly or indirectly in some cases or is it more about him focusing on what he needs to do and ignore the front runner? how is that playing out down there? >> well i think that, you know, they recognize what i've seen in talking to people around here. even people who like jeb bush, that that there's been a cord that's been touched you can't deny within the republican party people who like the straight talk. people who believe that he's -- donald trump is outside of washington and not beholden to special interests. somebody who has made his own money. so i think based on that they have decided that they have to go at him. this is as aggressive over the last several days as i've seen him. and in fact also more relaxed. he seems very comfortable with his decision. because as they were walking out. i don't know if you've seen it. but the trump campaign has put out that clip of barbara bush

some time ago when he said there have been enough bushes and maybe somebody else should run for president. before jeb decided to run they're playing and over and over on instagram. and i said governor have you seen that. and there was a time he smiled and laughed and he said i don't follow donald trump's instagram feed. so i think definitely a different approach. and a candidate who looked to me like somebody who felt comfortable with that approach that they are taking. now, we'll i see how much impact it has. >> nbc's chris janising live frm texas. today the latest poll comes as donald trump showing doubling his support national. after a week in which the two candidates repeatedly traded verbal blow, this morning trump concluded the assault calling bush a low energy candidate. and said he doesn't get it in the topic of the immigration. >> i think it is great he's

going to the border. i think he'll now find out it is not an act of love. people crossing are crossing as an act of love. he will find out it is not an act of love. it is rough, tough stuff. this is not love this is other things going on. >> i'm now joined by. ♪ n cc contribumsnbc advisor. here is what trump had to say earlier today. >> i welcome mr. trump into the debate i think that is great. he's a serious candidate and he ought to be held to what serious candidates need to be held to. he needs to be held to account for his views. >> he says that trump needs to be treated as the serious candidate and then adds he needs to be held to account for his views. a do you sense there is a frustration here on the part of jeb bush is this. >> well it is not a frustration on behalf of jeb bush. i think it is a frustration with many americans out there.

donald trump is an entertaining guy. there is no question about it. however with all due respect to folks in the media, when you press him on the details, when you press him on his specific immigration stance or whether it is on the economy or whether it is on foreign policy or whether it is on iran, there is not a lot there. and i would beg the question whether or not you would treat hillary clinton, jeb bush or perhaps maybe joe biden if he gets in the race the same way. i think not the question becomes a, we as american people, whether we're going to treat donald trump as the serious candidate, and also the press, and start asking him the detailed policy questions that a presidential candidate should have to answer to. >> the washington post called jeb bush's border visit, the untrump tour. is it smart politics for jeb to actively try and draw a dnc differentiation with donald tump? >> yeah.

bush clearly has a strong record on this. not only being married to a mexican american. but also clearly govern acetate with a very large immigration population. jeb bush has ran for governor not once but twice here. we're talking about someone who has real credibility on the issue. you can make the argument you disagree with his position but at least his has a substantive position and going back to donald trump there is no there, there. so i think jeb bush and others in the republican field just have to stay serious and focussed on the issues americans want answered to. and i think the new car smell here with donald trump is going to wear off sooner rather than later. it is august. a lot of people are not paying attention. back to school season is not coming aboard. we saw the stock market take a large plunge this morning. i think americans are going to start scratching their head and say enough with this funny talk here. let's have a serious conversation with the people out there. >> coming up the three americans

honored after stopping a gunman on a paris-bound train. and new questions answer train safety in the wake. and is vice president joe biden ready to run? speculation is high after his weekend meeting with senator elizabeth warren. we're going tell you all about that as well. no sixth grader's ever sat with the eighth grade girls. but your jansport backpack is permission to park it wherever you please. hey. that's that new gear feeling. this week, these folders just one cent. office depot officemax. gear up for school. gear up for great.

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as the three americans who thwarted the attack were awarded with france's highest honor. that and much more from paris. >> arriving at the president's palestine in paris, three modest americans. spencer stokes. alek skarlatos and anthony sadler. for their bravery in disarming this man on a train who was armed with a ak-47, a psiel and a box cutter. >> known for alleged ties to islamic extremist. in their own words the americans giving reporters a play by play at the incident at the press conference. first the three hear a gunshot and sound of breaking glass. they turn and see him struggling with an automatic weapon and immediately tackle him.

during the struggling they say he pulled out a handgun and g slicing spencer in the arms. they eventually render him unconscious and tying him up with the help of other passengers. >> he entered docking the ak-47. it was either do something or die. >> he was seemingly wanting to fight to the end. so were we. >> for the three men, friends since middle school, it was all for one and one for all. >> i saw spencer get up. i saw alek get up. and those are my close friends. i couldn't let them go alone. >> if fsn't fthem i could have been dead. >> the suspect was still able to board armed with multiple weapons and ammunition and that certainly is going to raise questions in europe.

it is also raising concern for rail and safety both in europe and the focus of security here in the united states. joining me now is my panelists. very good too see you again chris. i want to off asking do you think rail safety needs to be reevaluated across europe and also here in the united states? >> well i think we need to be aware that railroad cars anywhere are going to be potential targets for terrorists attacks. but especially in europe, the tgv, the high speed trains have been favorite targets for terrorist farce long time. there was an attempt to blow up the rails of tgv back in the 1990s, for instance, by a terrorist from algeria. so this is not entirely new. the question is how much security can you put? and metal detecters, x-ray

machines to get on a train? that is going to be hard to do. >> in addition to the paris attack and obviously if this is classified a terror attack, this would be the third one in france in the past seven months starting with charlie hebdo. the question is what authoritying can do about this but more importantly this individual was done no french security. are they on point with rounding up these individuals they know about are potentially posing a problem? >> well what they say that's true is they just don't have the manpower to follow everybody around all the time. so there is this constant triage where they are trying to say who are the most dangerous people that we need to keep an eye on? this guy seemed to be a complete loser. he had wandered around all over europe. the french didn't even know he was in france for a lot of the time he was there. the spanish authorities were the ones who had spotted him. so it is very easy at the end of the day for a lot of these

people to move around in europe without being detected. >> obviously a big question about france in terms of what is happening in syria. french nationals and europance have gone abroad and joined the fight in places like syria and elsewhere particularly with isis. they are coming back to europe and i guess the question is why do you think france is such a fertile recruiting ground for these young men who are being lured away to fight in places like syria and iraq? >> france has the largest muslim immigrant population in europe. if you want to talk in numbers, even a tiny percentage of that population wants to this kind of thing, then it is going to be larger than in other places. but in fact there is true that there are a lot of recruits coming from northern europe, from the netherlands. from belgium. from spain. perhaps even from italy. it is not unique to france. certainly there have been many from britain as well.

this is a problem all over europe. >> christopher, thank you fur joining us. good to speak to you. is joe biden ready to mount a white house run? the white house today not saying yes. not saying no either. and we're following breaking news from wall street where the dow closed more than 588. stay with us. >> vo: today's the day. more and more people with type 2 diabetes are learning about long-acting levemir®. as my diabetes changed, it got harder to control my blood sugar. today, i'm asking about levemir®.

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so is vice president joe biden gearing up for a presidential run? biden is leaning towards a 2016 run. this afternoon, white house press secretary josh ernest was asked about it and he praised biden. take a listen. >> the president has indicated his view that the decision that he made, i guess, seven years ago now to add joe biden to the ticket as his running mate was the smartest decision he had

ever made in politics. and i think that should give you some sense of the president's view of vice president biden's aptitude for the top job. there is probably no one in american politics today who has a better understanding of exactly what is require to mount a successful national presidential campaign. >> joining me now is former governor of vermont and former chair of the dn krrkc howard de. you run in those circles. do you think joe biden will run? >> i think it is impossible to tell. i think his head says no and his heart says yes and joe bide season a guy who lives by his heart. who knows. it is a tough decision to make and he's been through it twice. >> today's comments from the press secretary seemed as bit of an endorsement if i've ever heard one. is the fact that biden is

flirting with a run tell you that the clinton e-mail controversy is taking a toll on her campaign? >> no. i think it -- i think that is what the press is writing. but i don't think it is true. what we'd like to do is get past this so we could actually talk about doing something about the economy, getting students into college without having a terrible debt. and immigration policy that is not the kind of thing being talked about on the other side of the aisle. that is what we ooed like. i think the press is in a frenzy. they will get out of the frenzy because there is nothing do with these e-mail stories and then we'll get on with the campaign. yob what joe is thinking. he's a racehorse like many of us are. but it is really really tough. he is going to get into the race very late. and polls bernie sanders and hillary clinton are still more popular. so this will be throwing rocks into the bottom of the well for

a while but i don't know what he's going to do. >> this new poll shows s 33% o those find hillary clinton trustworthy. why do you think he shouldn't jump in if he's got similar numbers. >> i didn't say he shouldn't jump in. i just think it is going to be a hard haul. hillary's been hammered. she's been the front runner. that is what the press likes to do. i think the question and right wing views on this and all the views than they have about donald trump's trainoutrageous statements. it is very early in the race in terms of polling. but it is very late in the race in terms of setting up an organization in iowa that can win. and that is the tough part for joe biden. >> howard dean, good to see you

again. thank you very much. much more still ahead on our top story this hour. the dow plunges 588. what happens tomorrow? ♪ mother nature can turn in an instant; don't turn back.

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here is hampton pearson with the cnbc market wrap. >> as you have been reporting throughout the hour it was a wild day in the market. dow plummeting 588. the s&p off by 77. the nasdaq tumbling 179 points. it took just minutes for a wave of selling to push the dow down more than a thousand when the markets opened. but the markets cut the losses by half minutes later. recovered and the fell off again in the final hour. the same. can you tell what makes them so different? did you hear that sound? of course you didn't.

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after one of the most volatile days in stock market history, the dow falling 588. what can we expect tomorrow? the markets in china are going to open up in three hours. what can we expect to happen when they do? >> private investors will want to flee. they will be selling. the question is will the government come in and buy. today they didn't do it. we do know over time this market wants to come down another 40 or so percent. this is going to be a daily drama for weeks and months as people start to flee china and the government has to then come in and rescue the market. >> same question to you. what happens in china and what happens beyond china across the markets? >> markets here and in europe have been following the chinese

market. so if it does take another leg down that would be the expected opening elsewhere as well. i think the point that gordon made should be underscored. one of the reasons we saw the huge selloff when markets opened this morning is because investors expected over the weekend china would get into the market and try to arrest its decline. try to do some kind of the intervention we've seen from china for years on end. but they didn't. whether this is some tilt to macro management or incompetency, we don't know but it sure looks a lot more like a latter. >> we have to wait and see. gordon and jared, thank you both for joining us. that's it for me this hour. stay with us as we continue to break down what happened today on wall street. >> tonight. market melt down.

the market closed over 500 points down today after losing more than a thousand points at opening in juxst second t. is this the start of another financial crisis? plus run for the border. jeb bush tries to convince americans his immigration plan is better than trump's. and rallying the right. cruz kicks his plan into high gear announcing a 50 state attack to defund planned parenthood. first a wild day on wall street. the dow jones closed down 588 points. it is a roughly 3.5% drop for the day. the nasdaq and s&p 500 closed down at roughly 4%. earlier in the day things looked much worse. soon after the opening bell the dow drops other a thousand points. roughly 5%. the s&p 500 was down over 100 at its lowest point today and the