j.p. morgan chase all three banks in the past day have released reports slashing their expectations for u.s. and global growth now morgan stanley believes that the global economy is hovering close to a recession j.p. morgan chase says the risk of recession has been elevated now this news of course will only cause investors to lose even more confidence and trust in the markets in the u.s. here and around the world we've been seeing that play out with all the volatility hitting the markets around the world and of course the debt crisis in europe is causing great concern for investors all the debt drama and debate that took place here in the u.s. caused a lot of concern and so all of this of course is not easing the mindset of of americans we have to remember unemployment here in the u.s. is above nine percent nine point one percent one million people lost their homes in two thousand and ten and another million are expected to have their homes foreclosed on this year so if people are not confident in the market every day folks they're not going to spend their money all of this is tied together

j.p. morgan chase inks a deal with uncle sam. it's paying $88 million to avoid charges of supporting terrorism and violating multiple sanction programs. treasury says the bank violated sanctions when it processed nearly $180 million in wire transfers to cuba, as well as other transactions to iran, sudan and liberia. j.p. morgan chase says the violations were unintentional and rare. >> tom: meanwhile, charles schwab is suing 11 major banks, including j.p. morgan, bank of america and citi, claiming they conspired to manipulate a borrowing benchmark used to set interest rates. in two separate lawsuits, schwab says the banks deprived investors of hundreds of millions, if not billions, of dollars, by keeping libor rates low. j.p. morgan and b-of-a declined to comment. citi says the suit is without merit. >> susie: big yellow school busses and backpacks brimming with supplies-- the nation's kids are heading back to school. for the next several thursdays, our "kids and cash" series mines the back-to school season for some real world les

j.p. morgan chase baseless. >>> home builder toll brothers rose 4%. else where, google will pay half a billion to settle a criminal probe into pharmacies that led to inlegal imports. >>> collective brands, the parent of payless shoe source an stride rite is closing almost 500 stores and looking to sell. >>> finally, at 500 tweets per second, tuesday's east coast earthquake traffic set a twitter record, beating out news of osama bin laden's death. hard to imagine there. >>> a wild pitch, wild catches and wild walkoff winners. plus, a baseball glove. who needs a glove. your early morning sports straight ahead. >> reporter: all eyes continue to be on hurricane irene and the millions of people she's going to affect down the east coast. your forecast is coming up. you're watching early today. >>> good morning. if you're just waking up, this is early today. >>> in sports the red hot race to the american league east. here is fred rogan with all your morning head leans. >> reporter: good morning. david ortiz wasted no time. they beat the rangers 13-2. cocoa c

j.p. morgan chase morgan stanley goldman sachs are among the three banks that came out with reports were saying their predictions for u.s. and global economic growth they cut those predictions morgan stanley even saying that the global economy is hovering close to a recession and also not helping the circumstances recent reports indicating that the u.s. economy is not doing as well as anticipated manufacturing is that its lowest point since two thousand and nine the housing market is still experiencing a huge slump unemployment is spiraling here in the u.s. more than fourteen million americans are unemployed investors are also very concerned about how european leaders are handling the debt crisis in europe that the fact of what it's doing to the euro zone many believe that did the right decisions are not being made and not being made quick enough clearly this is an indication that three years after the financial collapse that started here in new york wall street that infected the rest of the world clearly that crisis continues to be having a huge impact on the lives of people all around the wor

j.p. morgan chase. it was certainly a historic week here on wall street with one of the most volatile streaks in history of the u.s. stock market. the one question everyone was asking today-- is it over yet? let's take a closer look at the stocks making news in tonight's market focus. stocks were higher from the open, and stayed that way all day, even with some selling in the final hour of trading. here's an intraday look at the dow. it traded in a narrow 200 point range, and posted its first two- day rally since early last month. today investors went bargain hunting and found some good deals in beaten down industrial stocks. among the standouts: honeywell international and boeing, both up 5%. united technologies adding 4%. dow component hewlett-packard was one of the stars of the day. shares rose more than 4% or up $1.27. coming into today's session, h.p. was down nearly 30 percent on the year. but jefferies says the stock's multiple is just too low to ignore, and boosted h.p. to a "buy". also helping

j.p. morgan chase. creditors today made a new offer to settle the county's $3 billion debt, but jefferson is still demanding a reduction in the total amount of debt outstanding. tough money times often lead to tough personal conversations among families. tonight's "kids & cash" has some tips on including your kids in those conversations. here's janet bodnar. she's president at kiplinger's personal finance. >> the stock market's falling. you're concerned about keeping your job or paying for the kids college. what if your children pick up on your money worries? and they inevitably will. how do you talk to them about tough money times? first, stay calm. ask your kids what they've been hearing at school or on tv. that's a good way to correct any misconceptions or start a discussion. and don't be glued to market reports on tv or your computer screen. second, be reassuring. the kids don't want a rundown on your stock portfolio; they just want to know that everything is okay. if you are facing a financial cris

j.p. morgan chase are having a field day with what they see is a perfect storm a beautiful excuse to manipulate the icy futures in london and jack this thing up for all its worth as long as it lasts ok so the typical people are going to the bank michael if i can go to you do you have a magic number that we you think where we really did real the global economy you know i think that we have to see the multiple ripple effects of what's going on it's not just the price of oil it's also the price of food food is now higher than it's been ever according to their food and agriculture organization as the price of oil rises it pushes up the price of food and this i believe is going to generate more protests and tables around the world this will create more chaos and more disturbances and this could have further effects on the price of oil so the crisis that we see today in the middle east as far as i'm concerned is nowhere. near the conclusion i think we'll see more ripple effects and the economic consequences of that are yet to be seen and if we're going to if i go to you right now what about you i mea

j.p. morgan chase up thirteen percent wells fargo up twenty nine percent meanwhile millions of americans are still being kicked out of their homes and republicans refuse to sign on to any sort of relief to help them so what do we the people need to do now to make sure we see the same sort of recovery that wall street saw your answer that question is richard j. esko writer and former austrian executive who's now a scholar at the campaign for america's future richard welcome. thanks tom good to be here thank you because the trillions we spent on the bail out of the banks and you know the money that was loans of them by the fed as well was it worth it was it worth it no i absolutely not i think there are two issues that people have to separate in their own minds one is did we need to record a rescue of the economic system which i think most of us agree we did we didn't want to see a global depression we didn't want to see the economy go down but the second part of the of the equation is did we want to rescue these guys and preserve the system they were managing with the same people in place doi