i'm felicia taylor. >>> let's get more on the u.s. government's deal to block the deal between at&t and t-mobile. >> this was always a controversial risky deal but the timing was is a surprise. government regulators just restarted the clock after requesting and getting more information from at&t. ultimately the department of justice is concerned with competition matters. they say, bottom line, this was not a good deal for consumers. >> the department filed this lawsuit because we feel the combination of at&t and t-mobile would result in tens of millions of consumers all across the united states facing higher prices, fewer choices, and lower quality products for their mobile wireless services. >> during the press conference regulators pointed out at&t and t-mobile compete head to head in 97 of the largest 100 cellular markets. at&t was quick to respond saying, quote, we are surprised and disappointed by today's action, particularly since we have met repeatedly with the department of justice, and there was no indication from the doj tha

felicia taylor explains. >> reporter: right in the beginning, it is stops and speeds up. like your stomach is about to fly out of your body. the cyclone and the wonderwheel aren't the only game in town at coney island. a new generation of rides are getting rave reviews. this is the scream zone. and all of these new rides are part of a multiyear projects. the city of new york is putting more than $150 million into the project. >> i understand there are about 450,000 people that come to the coney island park. where would you like the numbers to go? >> i think it would increase 20% every year. >> reporter: so here i am with the permanently unelected mayor of coney island, otherwise known as the unofficial mayor. you will take me through the history of what this island really is all about. >> delighted to. this is the photograph of luna park when it opened in 1933. >> reporter: there is a lot of construction happening right now in coney island. things are beginning to change in this neighborhood. >> radical change and rapid change. right across the street, this coney island f

felicia taylor with a look at the week ahead. >> the u.s. economy will be the central focus on wall street as a jam-packed economic calendar awaits investors. ee newed concerned about turbulence in eurozone will also be a factor. headlining the week is the third and final revision of u.s. gdp for the second quarter. the economy in the u.s. has slowed significantly over the past year. the second revision put the pace of growth at a near standstill, just a 1% annual rate. any downward revision could spark a selloff and would fuel more speculation that the u.s. is headed for a double-dip recession. >>> the american consumer will also be in focus. we'll get two readings on how people feel about the economy and numbers on personal income and spending are also expected. tallies of new home sales and pending sales are due as well as a look at home prices across the country. and a monthly reading on orders for durable goods. those are big ticket items like dishwashers, computers and even airplanes. and one airplane delivery in particular is drawing

felicia taylor, cnn, new york. >>> well, as i was just saying a couple of moments ago, there has been stark warning from the international monetary fund. the global economy says it's in a dangerous new phase that could push europe and the united states into recession. well, the fund says that global economic activity has weakened, that confidence has fallen sharply and also the downside risks, it seems, are growing. gdp in advanced economies will probably grow at just 1.5% and 2% next year. so 1.5% for 2011, 2.5% for 2012. however, these numbers due to a number of things that as yet remain uncertain, frankly. one, that european policymakers contain the crisis in the euro area, and that u.s. policymakers strike a balance between stimulus and also austerity. and also that volatility in the world's global financial markets doesn't escalate from the levels we've seen of late. all in all, those are some three pretty big assumptions. >>> well, the world bank president says time for muddling through this crisis is over. he says that the rest of the world is watching and waiting for the euroz

i'm felicia taylor in new york. >> back to europe and greece is hoping to nail down a deal to get the next installment of bailout money but worries about a greek default continue to plague global investors. >>> life is getting tougher there and greek unemployment is more than 16%. crime and homelessness are also on the rise as are immigration and personal bankruptcies. those crippling austerity measures taking a deadly toll. depression and suicide rates are rising. recorded suicides have doubled to about 6 per 100,000 residents annually. about 40% more greeks killed themselves in the first five months of this year than in the same period last year. well, officials also say there's been an increase in the number of patients suffering from minor psychiatric conditions such as anxiety, panic attacks and depression. definitely not minor for those going through it. more on how the crisis is affect ing them. elinda is joining us. worrying statistics. what is it that has caused the greeks to respond this way. >> we've seen austerity measures implemented in other parts of europe. what is goin

felicia taylor and christine romans in our new york bureau. licia, let's start with you. >> the only good news is that futures are off of the session lows and that's because the european central bank word they intend to lower interest rates at the last meeting. the bank of england intends to lower interest rates or talk about that at its next meeting. taking away some of the pressure from the marketplace, but, again, overnight, we saw the asian markets significantly down, as well as the european markets already in this session are trading down, as well. but, again, they are off of their session lows. so, a little bit of good news hopefully out there and the markets are just about to open in just a few minutes. but traders are really tired of the rhetoric that has been out there. they need to see that concerted effort that we've heard some of the world leaders talk about. and actual, real action taking place opposed to just the words we've been hearing. as the bell opens, let's see what we got. the markets are just down fractionally in the few s

i hope you have a great weekend. >> thank you and same to you, felicia taylor. take that news going into the weekend. and now this -- >> we need to see radical changes, because the outcomes for kids that are happening right now are robbing them of their futures. >> today, president obama trying to shake things up by revamping, and changing central provisions of the law of "no child left behind" and michelle rhee who was once the chancellor of washington, d.c. public school systems, and we will get her thoughts next. ♪ [ male announcer ] we're not employers or employees. not white collar or blue collar or no collars. we are business in america. and every day we awake to the same challenges. but at prudential we're helping companies everywhere find new solutions to manage risk, capital and employee benefits, so american business can get on with business. ♪ and see katie before she goes home. [ male announcer ] with integrated healthcare solutions from dell, every file is where dr. ling needs it. now she can spend more time with patients and less time on paperwork.

felicia taylor tells us it's rocking the world of comic book fans. >> reporter: i'm in midtown manhattan have been lining up since 11:00 on tuesday morning for the release at midnight, august 31st of this comic book. what is important, it's also going on the web, and that's going to attract a whole new line of readers. it's a multi100 million business that is about to expand. i am with a real comic book fan, going to such lengths to tattoo himself with comic characters. >> how many? >> nine different. >> reporter: i like the cat woman. >> i got the ninja turtles on my legs. >> reporter: how long you have been out here? >> my husband and i came around noon. >> reporter: you will stay here until midnight? >> yes. >> reporter: why? >> my husband needed a companion to go and get his food and relieve him. >> reporter: so you are the gopher? >> kind of, yeah. >> people are not buying comics as much and they are jumping off because they are not happy with the story, so this is do or die. it's either change or the industry could collapse. >> reporter: the large comic book stores like this one ha

. >> felicia taylor, thank you very much. >>> up next, speaking of seeing movies, or perhaps watchingngeles with a recap of big moments and big winners at last night prime time emmys. i was thrilled and i will show my bias here, "modern family", i'm a big fan. >> a lot of people were thrilled. brooke, it was star-studded night in hollywood. one of the big ef moments was emmy night from none other than charlie sheen. this guy always seems to make news. the actor had his share of controversy over the last year. he made a surprise appearance on the emmy stage to hand out the award for lead actor in a comedy, a category which, brooke, by the way, he is nominated for in the past. you may not believe this but sheen was on his best behavior. he told the crowd he wished nothing but the best for the new season of two and a half men. maybe people in the audience, they clapped, including former co-star, jon cryer, you know, sheen's appearance was bag moment, a huge, huge moment. but not the night's only highlights. some of the big winners were amc's "mad men." took home the best drama series for

felicia taylor, tell us how this week is ending. what are we seeing here? >> reporter: well, suzanne, we're seeing a lot of churning basically. no major economic reports or corporate news to trade on. the negative sentiment continues but the losses aren't as bad as yesterday. the market will continue to do this when it tries to find a level for itself. there's no real direction, but thankfully not all dow components are falling like yesterday. the ten-year bound is bouncing off a record low and right now we've got the dow, nasdaq, and the s&p all up and it's the nasdaq leading the way. it's up more than 1%. the dow by the way has fallen 675 points over just the last two days. some analysts expect a push higher into the afternoon but then possibly we will see the sell-off happening into the weekend and people don't want to hold onto those positions in case there's any headlines coming out from the euro zone or possibly greece. >> i certainly hope next week is a better week than this one. i want you to check out this story. it's been a wile for me since i was