on the phone i have ali velshi standing by in new york and poppy harlow of cnnmoney.com. o, what do you think of this? >> more about the sausage being made than more people care to know. the dow what, you're looking at right now is very representative of a portfolio that you might have in diversified stocks. the other things that your stock may mimic is the s&p 500. the s&p 500 is doing worse than the dow, so what you're looking at is 3.8% off on the dow. that's not the low, believe it or not. it's been lower, and what you're seeing now in the last 15 minutes is a real struggle. you've got people selling and other people buying who think that this doesn't make sense. this is based on fear of central banks that have intervened in markets in japan and in europe having to do with italy, as allison was saying before the break. it didn't work. it panicked some people. on a day like today when there's this much trading and volatility, normally that bell rings at 4:00 and you get an idea of what's going on. this will probably take 15 or 20 minutes to settle down. it's a real stru

please welcome to the program ali velshi. ( applause ) thank you for joining us. nice to see you. >> thank you, sir. good to be here. >> jon: explain to me, i watch television. the stock market, a terrible thing happened to the stock market. it went down 600 points on news of europe. then the next day from what i understand europe was still very similar to how it had been the day before. and it went up 500 points. then the next day it went down 450 points on news of something. and then the next day it went up 300. are they (beep) with us? >> you know, it's exactly right what you're saying because the companies that make up the stock market didn't change. they weren't worth 5% less the next day and they weren't worth 3% more after that. that's exactly right. the stock market is the collection of a value of underlying companies. that's what the judgment should be, but the stock market has been a barometer of how investors around the world kind of feel about the way things are going. that's the stuff you've seen over the last few weeks. >> jon: more of a mood ring. >

ali velshi. ( cheers and applause ) [ "chopsticks" plays ]

i have my colleague, ali velshi helping me out this afternoon live from new york. ali, i appreciate it. for now, i do want to go to poppy harlow with cnn money.com. poppy, i understand you interviewed a trader today who had some perspective on the moment the president spoke. what did he say? >> reporter: that's right. i talked to two critical people. one on new york stock exchange. teddy wiseberg. you talked to him last week when we saw the fall on thursday. on the floor more than 40 years. also, chief investment strategist at standard & poor's. we'll get to him in a minute. let's talk about what the trader told me. he said, i remember the president spoke about an hour or so ago. he said as soon as president obama stopped talking, the market tankds 1250 points. it fell 604 points. are you relating the two? do you think they're combined? he said absolutely. he told me i and the traders on the floor did not hear anything different than we usually hear from this administration. he said it was similar to back in 2008. that sort of feeling of chaos in the winter of 2008.

i'm ali velshi.ll street that dow posted the steepest one-day point drop since the financial crisis three years ago. job market numbers are released this morning. may and june, that's the where jobwise we were expecting. we expect they added 70,000 to 08,000 jobs in july, far her than what we need to get out of the pickle with the national unemployment rate of 9.2%. a all of the political drama, there could be more where that came from. 80% of americans are not happy, there could be political debts to pay. this is what kyle told pierce morgan. >> there's a case to be made that the economy we have now is going to be the economy come election day. we're not going to get anything done in the congress for 16 to 18 month. that bodes ill for anyone in power, not just the president but the senate. >> u.s. market tanked. the world markets tanked overnight. what about the 401(k)? to help to ease your fears, christine romans is here with us in new york. ease my fears, christine? >> i'm the good cop this mornin

also joining us is dan lothian and ali velshi. global editor at large for reuterss and david walker, former of the united states, heads up the comeback initiative. and also did the administration know this was coming and what exactly are they saying tonight on or off the record? >> they are at 1:30 this afternoon i'm told sent the analysis to the treasury department. and said that we were going to do this. let's do this. do it now. they call a $2 trillion doll mistake. the administration says when they pointed that out, we're going to change our treasury officials saying and other administration officials and s&p made its decision and in the market and when they rebutted the analysis, mr. chambers made his case of the administration's position and consider the source. president obama would be the first president in history to ever downgrade on his watch. they fought this and they lost. but their position is it's going to be a big mistake and s&p essentially put the train on the tracks. >> it's already occurring among liberals, rep

want to bring in cnn's ali velshi. he's joining us from new york. - is this argument upside down? to many economists, even some conservative economists, there should be revenues in their estimation and less cuts. let's listen to your show yesterday. >> well, increasing taxes wouldn't hurt anymore than say cutting spending. both would decrease the amount of demand in the economy. to say taxes would hurt the economy is kind of code for cutting spending's okay but taxes are not? that's simply not true. in fact, raising taxes may be less deleterious than cutting spending. economic theory says so. >> so ali, lo do we believe? has it been talking points? is he right? >> he's a conservative. i mean this conversation about how cutting taxes is deleterious to the economy, peter morici himself said that, the memphis tea party agreed with the same thing. if you spend too much, you either cut how much you spend or you increase taxes. it's all money. it's all the same thing. but when you cut spending, what you do is you cut money that generally goes to people who

wake-up call, i'm ali velshi in new york. on mortgage rates. blah, blah, blah, mortgage rates are down again this week. i know you know that. let me just give you some perspective on mortgage rates. a home purchased last week had an average rate of 4.39%. that's for a 30-year fixed loan, according -- if you have good credit and 20% down. this week it dropped to 4.32%. so basically, if you got a $200,000, 30-year fixed home loan last week, you paid $2,900 more than someone who got the same loan this week. yeah, it's real money. let's go to christine romans live here in new york for a check on your money this morning. christine, it is friday. but, to us, i think it feels like next friday. this has been one of the busiest, craziest market weeks you and i have seen in years. >> i'm going to be honest with you, i don't even know what day it is. i just know the market opens at 9:30 eastern time, and i'm telling you, futures are down right now. but i don't really put much stock into how it means for the rest of the day, and it's sti

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ali velshi and alison kosik with me right now. were kind of laughing before we went to break about, hey, we've got to take a commercial, we've got to make money. but in all seriousness you're talking about what we're seeing here kind of raises the case, right, for a recession and the only way to prevent a recession is corporate profits. if you look at companies across the board and all the various balance sheets, i mean, they're not doing so badly. i mean, we're in a completely different environment businesswise than we were two years ago. >> yes. you're right. a, they're not doing so badly. b, they can borrow money. i want to remind people why this is not 2008. in 2008 nobody could borrow money, including companies with great credit ratings and that money was expensive. right now money is cheap. the yield on a ten-years note in the united states, benchmark bond against which your mortgages are set is 2%. under 2%. a mortgage 30rks-year fixed mortga mortgage, under 4 1/2% in the united states if you have good credit. a lot of indic

ali velshi, thanks. >> my pleasure. >>> and now to somalia.lmost 30,000 kids have died in the last few months. as awful as that is, it's about to get much, much worse. the world food program is the world wood program for somalia. 600,000, 600,000 kids are on the brink of starvation and unless the international committee steps up. 600,000 little girls and little boys. this is more than just a big number. these are some of the children. each one has a name and a family that loves them. here's another number you need to know. $2.5 billion. that's how much the u.n. says they need to respond to the famine. it's a familiar anyone in the entire horn of after kachlt it's a drought. the famine is in southern somalia. so far it's received half of the money that is needed. today the united states pledged an additional $17 million. that's on top of $105 million it has already given. here's what secretary of state hillary clinton said today. >> every few decades the cycle repeats. and it would be easy to throw up our hands and blame it all on forces beyond

first, we have ali velshi standing by for me in new york and richard quest in london. gentlemen, good to have both of you on. ali, to you, thoughts as we watch this day tick down. >> things look like they have stabilized with an hour to go and we stabilized more than 4% lower, and you and i have done this enough time in the last few weeks to know, brooke, anything can happen in the last hour. let me tell you what happened. started off. it was a rough day. we had news that growth in europe, as we have expected, is -- is slow. then we got a report out from morgan stanley, probably the first of many that we're going to get, again, saying something that we knew, that growth is slowing worldwide, that the chance of a double dip or another recession is increasing and that the -- that the europeans and the americans might have to have more central bank intervention into the markets and also said that there have been policy decisions in europe and the united states that have been poor, and then on top of that, that was enough. that was already bad, brooke. then we got some econ

one of them, ali velshi, $50. the other fund-raiser, apparently, $38,000.t you've got jennifer hudson singing to the president of the united states. can we throw up the picture on the front page of today's "chicago tribune"? >> yes. there you go. >> there you go. >> look at that reaction. i'm not sure what he possibly could have said to jennifer hudson to get that reaction, ali velshi. your guess is as good as mine. >> everybody's face in that picture is funny. jennifer hudson's got a funny look, rahm emanuel has this weird look off from the side. i wonder if they didn't take two pictures and could have found a better one? >> $35,000 for this fund-raiser? only -- who exactly is going to this, ali velshi. >> i'm totally inviting you to my 50th birthday for a whole lot less than that, pete dominick. >> how many years away. >> for me? >> yes. >> 15 years away or something like. >> tell me about slow cap for congress.com. >> apparently somebody came up with another one. the slow clap shows how little you appreciate them. it's sarcastic. you can watch these peop

ali velshi is watching what is going on. ali when i woke up this morning, i assumed we would go down 100 or 200 points, and i am surprised it is approaching 400. >> it just crossed 400 when you were talking to barbara a few moments ago. and we have the markets, and one of the things that i know you know and our viewers are most concerned about is how does the downgrade affect you on the ground. if you have a 401(k) or ira, it affects you right now. i remember two things. many credit cards work off of the prime rate. the prime rate is determined by what the fed does. right now the fed rates are between zero and a quarter percent, and prime is a little higher, and then mortgages are set in the 10-year bond market, and the 10-year bond, as you pointed out when we started our coverage is down right now. for the moment, and here is your dow below 400 now, off more than 3.5%. while the instinct of the downgrade should have led to interest rate increases, so far that has not come to pass. if you are going to move krer money out of b

i'm ali velshi joining you from new york. it's monday, the first monday after standard & poor's took the u.s. credit rating down a notch to the aa+ club from aaa. it's a historic punch in the gut. the shock wave from the downgrade is being felt on the other side of the globe. tokyo's nikkei, kospi, the hang seng in hong kong and shanghai's kospi slipped. european markets fickle this morning. u.s. stock futures have been down all night. you could see this clg. cnn's don lemon asked don quest the question a lot of folks might be asking. >> is the sky falling? >> oh, don't be ridiculous, of course not. you may have a dow futures that are down slightly, you may have a market off 100200 points but how we start is never how we finish. this is a slow burning, deeply seated crisis. that is affecting the global financial markets. >> european markets have begun the day on a positive note. that's probably thanks to a big g 7 conference call last night. the group of seven industrialized nations promised to help countries in financial tro

ali velshi joins us again. for those of us who don't watch the markets come and go on a daily basis what is the reality check here? >> reporter: i wish i knew, deb. there was a time when i knew these things. look. i'll tell you a couple of things happening. markets are likely to open higher right now. this was not a gang-buster's number and wasn't terrible and as you discussed with alison, it was better than was expected. but there are a lot of influences on the world markets. i mean, yesterday's sell-off wasn't actually about the u.s. economy. largely, it was about the european economy and that problem didn't get solved overnight. unclear. people will buy stocks because the jobless number indicates it's not as bad as we thought it was. one week ago we got the economic growth numbers and those were lower than we thought. on monday, we got manufacturing numbers. those were lower than that we thought. on tuesday, we got consumer spending numbers and those were lower than we thought. all week, everybody is talking

joining us is leigh gallagher, ali velshi and kai ryssdal, and carmen wong ulrich. we've seen record fall, record rises and record falls again. yet again i ask you, what the hell is going on? >> every day i get up very early. every day i think maybe piers can just run my answer from the night before. unfortunately every day it's a different reason. last week it was italy. on monday it was the s&p downgrade. then tuesday the market was up so i did actually go to sleep early and then today it's france of all things. these are catalysts. we're such a jittery market that any little thing sets it off. today it was rumor that france might get its credit rating downgraded. france is a big economy. bigger than italy. that got nervous investors saying i don't want to get caught holding the bag when something really bad happens but irony in getting out of the market to preserve your money, the bad thing is happening. there's a lot of nervousness. selling out of stocks and moving into things that are safe. gold, another record touching $1,800 an ounce and u.s. treasuries yield

for a 30-tablet free trial offer, go to cialis.com. >>> now i want to bring back cnn's ali velshi withurs away. ali, i barely know how to ask you this, but have you got any idea what's going to happen in the marks tomorrow? >> what you should do before the markets open pick up pepto-bismol on your way in. it's going to be volatile. i can also tell you, i spend my day looking at numbers and spend my evening looking at futures, forget it. futures aren't going to tell you what u.s. stocks are going to do tomorrow because this is a such a volatile market triggered by events, we can't know what is going to happen. every day we're seeing more and more volume and velocity going into very, very safe investments, like the ten-year note against which mortgages are priced in the united states. these are historic lows now. they are -- the interest rate that the u.s. government pays to borrow money is lower today than it was on monday and monday was

i spoke to ali velshi just a few minutes ago about it. >> so, ali, what's the deal?p, it's down. what caused today's rally? so anderson, i think that people were taking a step back looking at the heavy momentum, selling of the last few days, and sort of re-evaluating whether or not it's justified. you even saw a movement out of treasury bonds in the united states, which we've seen some heavy buying into in the last few days while people are moving into, as we call a flight to safety, going into safer investments. they're getting back into stocks because there are a lot of people out there are saying, this it is is unreasonable. these stocks are price said so low that it's time to get back in and also rumors all day about the action that some europeans would be taking to ban the short seflg financial stocks. you'll remember that happened here in the united states back in 2008. it serves to stabilize the market. that means it'll probably stabilize it going into tomorrow but just that rumor alone, helped things along and the european markets and that continued into the

i spoke to ali velshi just a few minutes ago about it. >> so, ali, what's the deal?, it's down. what caused today's rally? so anderson, i think that people were taking a step back looking at the heavy momentum, selling of the last few days, and sort of re-evaluating whether or not it's justified. you even saw a movement out of treasury bonds in the united states, which we've seen some heavy buying into in the last few days while people are moving into, as we call a flight to safety, going into safer investments. they're getting back into stocks because there are a lot of people out there are saying, this it is is unreasonable. these stocks are price said so low that it's time to get back in and also rumors all day about the action that some europeans would be taking to ban the short seflg financial stocks. you'll remember that happened here in the united states back in 2008. it serves to stabilize the market. that means it'll probably stabilize it going into tomorrow but just that rumor alone, helped things along and the european markets and that continued into the u

we're on the other side of the island from where ali velshi has been reporting. it was anticipated there would be flooding and the river topped its banks. the deepest that the water is is about a foot of water. what we can tell from down here, it's just a park so it has been contained in the park. i think we will head over next to battery park city where there are residents and buildings and see the extent of flooding there. so far officials had been anticipating a storm surge down here between four and eight feet. it remains to be seen how much water will be getting down here. if this is as bad as it gets, it's not as bad as what city officials were fearing. but, again, it's still too early to tell. >> mary, thank you very much. one of the areas we're particularly concerned about is sufficien suffolk county in long island. let's listen in. >> reporter: zoom in to the dead end. and show the breach where the water is coming up. they're telling us the bridge is totally closed, and dune road is under almost three feet of water. >> that's jennifer mclogan reporting f

i'm ali velshi joining you live from new york. it's 47 minutes after the hour. let's go straight to zain verjee around the world. she's covering an interesting story. good morning, zain. prime minister are vladimir putin had been watching the debt ceiling debate and he said america is a parasite. >> yeah, he say that. u.s. is a parasite on the global economy. he was speaking to -- a youth group in russia when he came up with this. he went on to say the u has just been living beyond its mean. he said the dominance of the dollar is also a big threat to financial market. he then add ed ed to this group thank god they had enough common sense and responsibility to make a balanced decision. russia holds a lot of bonds in u.s. treasuries, ali, doesn't it, so he was watching very, very closely the situation and what ultimately ended up happening but vladimir putin saying the u.s. is nothing but a parasite on the global economy. >> forget parasites. let's talk fungus. a giant fungus has been found. somebody wants to know how giant this is. it's half a ton. where is this

ali velshi, you can analyze it for us.e president was speaking i was refreshing my screen to see what was happening with the nikkei and the nikkei was up sharply. what happened this morning is when the nikkei did open just under an hour ago, the stocks were high. it was expected to be high because of the rumor of this debt deal. but certainly what we're seeing here already in 45 minutes, 50 minutes of trading is that asian markets are welcoming this news. the cloud of uncertainty that president obama was speaking about is not just in the u.s. financial markets, it's also in the worldwide global markets. something else i do want to point out as well -- the dollar is also up. the dollar is strengthening. that's good news for japanese businesses and in turn that's good news for investment in america. these companies that then invest in america like toyota and panasonic. all of the news here at least from this side of the globe is they are welcoming -- >> i want to bring ali back. markets in tokyo, in just about ten minutes sy

i'm ali velshi. the market turmoil is not letting up.k another tumble this morning with the nikkei ending at its lowest level since march. experts fear the drop is just the beginning as standard & poor's downgrade just threw down the hammer. more downgrades are expected this week. the markets seem to be reflecting a sweeping feeling uncertainty of the financial future of the united states. the fear index has jumped to its highest level in years. stocks plummeted to its lowest since 2008. will it lead to a global recession? experts say it's possible. >> i think what is true is the risks of a recession have clearly gone up substantially. >> we actually have an economy that's going in the wrong direction now at a time when we need it to grow. it's starting to fall back. front page of the "new york times", double dip recession. >> one of the real problems what happened it spookd consumers. it could make people fearful and that can hasten a double dip. >> most experts believe the market shock won't last long term. now listen to this. nearly 1

ali velshi, what the hell is going on? >> we all have to take our turns in causing global meltdowns in this small, small world. today was europe's turn. the central bank attempted to shore up the euro and buying bonds in euros, putting money into the system. it had the opposite effect. it caused investors to run for the hills. but, you know, they couldn't get enough out while european markets were open. and it moved into u.s. markets. it was basically the sense that we are so uncertain about where the global economy is going, and we've got this back and forth between the world's two biggest economies, the europeans and the american, that people just decided to take their money out and basically do the equivalent, the global equivalent of taking your money and stuffing it in a mattress. everybody just wanted to pull out and say i don't want to go into tomorrow where this unemployment number is coming out in the morning, not able to get out of my positions. they did it ahead of time. it just compounded on itself, fear took o

ali velshi is with us. david walker, allan chernoff. ali, for those just joining us and following us and maybe don't know the details of what s&p is all about, just explain why this is important, why this is so bad and what impact this is going to have on folks at home. >> okay, anderson. this was a threat made some time go, both s&p and moody's had warned if the united states doesn't get a handle on its long-term debt situation they could face a downgrade. after the debt deal got made last weekend the credit agencies took a few days and they were in the conversations with the uls treasury to determine what to do. moody's subsequently came out and said the ints will maintain the aaa crediting rating that moody's given it since 1917. the markets are waiting for the other shoe to drop. meanwhile, s&p was looking at the books and it seems like they made a calculation error in how much the u.s.'s deficit will be over the long term. that was pointed out to them by the white house and treasury. despite being found to have made an error s&p is

we'll check this with ali velshi, soledad o'brien, jong king, rob marciano, don lemon is in philadelphia for us. ♪ [ male announcer ] you never know when a moment might turn into something more. and when it does men with erectile dysfunction can be more confident in their ability to be ready with cialis for daily use. cialis for daily use is a clinically proven low-dose tablet you take every day, so you can be ready anytime the moment's right. ♪ [ man ] tell your doctor about all your medical conditions and medications and ask if your heart is healthy enough for sexual activity. don't take cialis if you take nitrates for chest pain as this may cause an unsafe drop in blood pressure. [ man ] do not drink alcohol in excess with cialis. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury seek immediate medical help for an erection lasting more than 4 hours. if you have any sudden decrease or loss in hearing or vision, stop taking cialis and call your doctor right away. [ male announcer ] ask your doctor if cialis for daily use is righ

this is ali velshi. we're interrupting our cnn national coverage of the trial of hosni mubarak, a story of historical significance unfolding at this very home in cairo. the deposed president of egypt on a stretcher in a cage in the courtroom, on charges of corruption and ordering the killings of protesters earlier this year. there you can see him. it's an extraordinary turn-around in the fortunes of hosni mubarak, from long-time iron-fisted ruler to inform, elderly defendant. he faces the death penalty if found guilty. cnn's mohammed jamjoom is in cairo and he joins us. what can you tell us about these developments? >> reporter: we can't stress enough just how historic this is. it's unprecedented a ruler like hosni mubarak, the deposed leader of egypt would be in that courtroom wearing a prisoner's uniform in a cage on a stretcher as a defendant. it's shocking to people here in egypt. many people we've spoken with today just didn't believe they would actually get to this point. they believed the trial mi

wake-up call," this is ali velshi joining you live from new york. we'll begin by reading the new debt deal line for line because i know you can't get enough fiscal congress speak at 5:00 a.m. on monday. put the remote down, i'm kidding. get back on the elliptical. i'll get to the meat of the breakthrough bill that might stress -- well, might bring this dragged out debt ceiling doomsday drama to a close and give us some other stuff to talk about. the deal includes about $1 trillion in cuts over ten years, raises the debt ceiling about about the same amount, sets up a bipartisan committee to find other ways to trim another trillion and change from the deficit. think of it as a deficit posse. it calls for both chamber of commerce eventually to pass a balanced budget amendment to the constitution. they don't actually have to pass it, they just have to vote on it. and the president and house speaker admit that the plan is not perfect, but hey, there's a deadline tomorrow. here's what the president said, then you'll hear from a freshman republican who, by

joining me, ali velshi, senior political analyst david gergen. and in washington, chief white house correspondent, jessica yellin. ali, was this all about france? interesting question, anderson, the thing that triggers selloffs is not the real reason behind it, it's such a -- such a nervous market that a rumor, un substantiated rumor that s&p was going to downgrade france from its aaa rating caused a massive sell-off on france's big bank. the selloffs on banks, remember, anderson, make us think of 2008 and times gone by when banks get into trouble and we get a lending freeze. we don't have that situation now. we have a nervous market that again had a very big reaction to something that wasn't even substantiated but right now people don't want to be caught holding the bag, if there are these major sell-offs and in taking their money out to be safe, they're encouraging these sell-offs. i should tell you, gold, another record high, touching $1,#00 an ounce. u.s. ten-year note, how our bonds, mortgages are priced, is down again, it costs the u.s. les

ali velshi, thank you very much. >> peers. >> that's all for us tonight. anderson cooper with "ac 360." >>> thanks very much. good evening, we're coming to you from mogadishu tonight. 10:00 in the east coast of the united states. it is 5:00 a.m. here in mogadishu. what a day we have seen. we're going to take you tonight inside a children's hospital, not far from where i'm standing, a children's hospital where many parents are coming every single day with their desperately ill children, children suffering from severe malnutrition. they come to the hospital hoping that they will find medical supplies there and relief there, but all too often they find doctors who are simply overwhelmed, doctor whose don't have the equipment, who don't have resources to adequately care for the children. so many of these kids are dying. it shouldn't happen on any day but it does, it happens every single day. we saw it for ourselves and you're going to see it tonight. aa. cording to the united nations, 600,000 children on the brink of starvation, 600,000. the world food program

ali velshi is standing by for us at pier 17 on the west side of manhattan on the hudson river. ali, what's the situation there? >> all right, anderson, i'm getting about the same amount of rain where you are in manhattan. what i don't have is the wind tunnels because i'm on the east river. there's brooklyn, john king is way out on long island over there. this is pier 17 which a lot of people will know as the south street seaport. i've been watching the east river since i got here. within the last half hour or so it's gone up about 6 inches or so. we're 3 hours, 2 1/2 hours from high tide. it could go up anyway. we're not getting any of the storage surge. we're probably about 2 feet from the riverbank at this point on the east river. this is of major concern. new york has the largest electrical system on the continent. and about 90,000 miles of cable are underground. this is what the problem is going to be. we already know as you said, close to 75,000 or 80,000 people in the new york air, that area serviced by consolidated edison, con ed. there are about 86,000 miles of overhead

and the heat is still to come on this deal. >> richard quest, ali velshi, thanks so much. again, ali was calling it. almost there at 200. up 126 points rooity now, dow industrials. >>> because this deal is still a work in progress, here is what we're going to do to follow it throughout the day. the house convenes. we could see the first votes in the house about noon today. about 2:00, the senate is supposed to end debate on the bill. all that could lead up to a vote to pass this bill this evening. we'll have it, obviously, hour by hour for you all throughout the day here on cnn. >>> how worried are you about reaching a debt deal? in 15 minutes we'll go live to a cash-strapped orange, new jersey. both the city and the older population are worried about this deal. >>> minnesota school strict tells teachers to hold their opinions on homosexuality. now it seems to be backfiring. we'll hear from our columnists. ? lilac. clean. there's something that's really fresh. a little bit beach-y. like children's blankets. smells like home. [ experimenter 1 ] okay. take your blindfolds of

our chief business correspondent, ali velshi here to take us behind the numbers. e dow snaps a losing streak today, but i wouldn't pop the champagne. just up barely and froiday we'r expected a pretty grim unemployment report, right? >> going into friday i'm glad we lost the downward momentum going into the market and it's likely that we'll have more starting friday morning, even if things are as expected, it will be a lousy jobs report, and it's worse than expected which is becoming the expectation, we'll pay the price for it. it's been a rough month on the market. >> if it's worse than expected, it's becoming the expectation. that's a pretty sad play. what's driving this? we get consumed by debates raise the debt ceiling, cut the deficit a little bit. that's part of it, but it's only a small part, right? >> it starts to become believable when people say uncertainty is preventing hiring. here's the real truth of the matter. the main thing that drives hiring or prevents it is demand or lack of demand. we are still not seeing that pick-up in demand and what's been dr

know what happened behind the scenes with jon stewart and we're going to ask ali velshi on "american morning" because it starts right now. >>> good morning. i'm christine romans. president obama reaching out to the rank and file on his bus tour through america's heartland talking jobs, the economy and slamming republicans every step of the way. >> i'm ali velshi. texas governor rick perry off and running in the republican presidential race. the gop's newest candidate charming the crowds in iowa and attacking president obama. >> and good morning. i'm carol costello. warren buffett puts the rich on notice. the billionaire continues to make the case the mega rich should be asked to pay their fair share of taxes and that's not sitting well with republicans on this "american morning." >>> all right. good morning, everyone. it's tuesday, august 16th. this is "american morning." a lot going on this morning. let's get -- >> why is there a lot going on? isn't this august, not supposed to be a lot going on. >> don't you wish one day we'd say there's nothing going on, go home. >> change the cha

here to explain what this means for your job and your money, ali velshi and erin burnett, kim lar in tokyo and wolf blitzer. what is the latest over there? >> let's start with the tokyo stock exchange. tokyo is the largest stock exchange in asia pacific. we look at this as a marker of how the rest of asia pacific will do, down 4%. it is falling below the 9,000 levels. psychologically, that's an important level here. and something we should put -- point out for some context is we haven't seen quake. shortly after the earthquake the stock exchange dropped to that level. this is the equivalent of a seismic shock for this country. the economic equivalent. we're seeing big losses among exporters. the companies that sell to america. panasonic, sony and toyota among some of the biggest losers. and it going to be in the words of one trade here spoke to me this morning, piers, in he can he said brace yourself. it will be a tough day. >> and obviously intriguing that japan went through a credit rating downgrade. it didn't seem to be too badly perturbed by it. describe what happened. >> reporte