at this hour, now hovering near just over 507 points down for the day, joining us now, cnbc's simon hobbs >> jonathan, i'm having difficulty actually hearing what you're saying, but let me talk you through what happened today. we just lost 519 points on the session down here overall. that means in 14 trading sessions, the dow has lost, give or take, 2,000 points, in excess of 14%, around $2.6 trillion, the equivalent, just to give you an order of magnitude of 17% of the annual output of the u.s. economy. it's very much about slow growth, very much about reassessing where we are on the second half of the year. on that fed statement yesterday when they said we'll guarantee to give you interest rates near zero right for the next two years has made a lot of people wake up about what is happening, particularly with the american economy, but also with the world economy t at people adjust -- if you were holding on to a stock because you thought it would be earning x in 18 months' time therefore valued so high on the stock market, if you're not going to get any growth in the u.s. economy, you mig

simon hobbs, you're the best. gene robinson, you're the best, in the political area. >>> where's mitt romney? nowhere. he's a debt dodger. supposed to be the candidate of business, the job creator. he's been hiding out for weeks. politico is calling it the mitt-ness protection program. i love that metaphor. he's been hiding. let's bring him out. this is "hardball," only on msnbc. ade. when i got my medicare card, i realized i needed an aarp... medicare supplement insurance card, too. medicare is one of the great things about turning 65, but it doesn't cover everything. in fact, it only pays up to 80% of your part b expenses. if you're already on or eligible for medicare, call now to find out how an aarp... medicare supplement insurance plan, insured by unitedhealthcare insurance company, helps cover some of the medical expenses... not paid by medicare part b. that can save you up to thousands of dollars. these are the only medicare supplement insurance plans... exclusively endorsed by aarp. when you call now, you'

simon hobbs, you're the best.binson, you're the best, in the political area. >>> where's mitt romney? nowhere. he's a debt dodger. supposed to be the candidate of business, the job creator. he's been hiding out for weeks. politico is calling it the mitt-ness protection program. oy love that metaphor. he's been hiding. let's bring him out. this is "hardball," only on msnbc. from the teachers to the students. i had a student the other day that said... "miss stacy, this class is changing the way that i look at things." sparking that interest and showing them that math and science are exciting... it's why i teach. ♪ i know they can, even when they think they can't. ♪ we share. shop from anywhere. and are always connected. we live in a social world. isn't it time we had a social currency to match? membership rewards points from american express. use them to get the things you love from amazon.com, ticketmaster.com, and more unexpected places. they're a social currency with endless possibilities. >>> gabrielle giffords

we'll go live to simon hobbs.ast. >> this hurricane season has been anything but. we haven't had any hurricanes yet, it's incredible. here we are august 17th. as far as today goes, very quiet weather today. it's a beautiful start. new england temperatures in the 6 60. we're going into the upper 80s. chance of showers and storms return for this region on thursday. tomorrow minor problems. around the rest of the country, maybe a shower or storm in chicago, warm conditions in the deep south. 100 degree heat in texas and we're calling for thunderstorms there in orlando. the rest of the country as we go through thursday, east coast i mentioned the showers and storms, we haven't had any wet weather this entire month on the west coast. that's not going to change any time soon. amazingly cool summer in the pacific northwest. you're watching "morning joe" a look at the nation's capitol, brewed by starbucks. [ male announcer ] get ready for the left lane. the volkswagen autobahn for all event is back. right now, get a great

simon hobbs, i have vertigo. what's going to happen?like this. >> hello. >> never happened before, ever, we had 400-point swings on four consecutive days. for the scientists and mathematicians watching your show, it's a little bit like having an equilibrium of billions or trillions of trades and suddenly you kind of take that ecosystem, bang it in one direction and it itself goes back and forth. that's really where we are. we can't really settle down. one of the major problem wes have, of course, nowadays a lot of ordinary people are able to take the market purely on's upside in which it goes and down side, exchange traded funds. those funds settled up in the last 90 minutes on a daily basis. so if people have been buying in anticipation that the market would rise, then at the end of it, the etf actually has to then buy into the market. so it becomes self-fulfilling, if you like, and converse on the down side. amplifying each of those move, but an indication of the lack of confidence we have at the moment. a lot of pension funds, mutual

. >> let's get a check on business before the bell with simon hobbs. page, simon, of "the wall street journal" italy's woes weigh on europe. we take care of business in washington for a day or two and now we've got to focus back on europe. things look bad over there. >> yeah. i actually kind of think that europe is a huge problem. we've got a news conference going on at the moment with the head of the european central bank. many people in the market hope he will signal they'll start intervening to start buying up the bonds to try and prevent the c contagion. it looks like we're going to be 150 points down on the dow at open. we've had the weekly jobs number come through. you've still got 400,000 americans applying for unemployment benefit last week so no joy coming through there. let's put a broader picture on what's happening. we were essentially falling for nine straight days. that would have been the first time in 33 years that we had that. but then we got this rally coming back yesterday which took us up by the close up 29 points on the dow. that wa

business before the bell with simon hobbs next on "morning joe." doors or creates another laptop bag or hires another employee, it's not just good for business -- it's good for the entire community. at bank of america, we know the impact that local businesses have on communities, so we're helping them with advice from local business experts and extending $18 billion in credit last year. that's how we're helping set opportunity in motion. [ male announcer ] get ready for the left lane. the volkswagen autobahn for all event is back. right now, get a great deal on new volkswagen models, including the cc. and every volkswagen includes scheduled carefree maintenance. that's the power of german engineering. right now lease the volkswagen cc sport for just $289 a month. ♪ visit vwdealer.com today. energy is being produced to power our lives. while energy developement comes with some risk, north america's natural gas producers are committed to safely and responsibly providing decades of cleaner burning energy for our country, drilling thousands of feet bel

. >>> also, business before the bell with simon hobbs.need to stay balanced on long trips. residence inn. discover aveeno positively radiant tinted moisturizers with scientifically proven soy complex and natural minerals. give you sheer coverage instantly, then go on to even skin tone in four weeks. aveeno tinted moisturizers. >>> a new development in libya this morning. al megrahi, the man convicted in panam flight 103 in scotland has been found in tripoli and is reportedly near death. his son confirming to nbc news that his father is in a coma and is in very critical condition. nbc has more from tripoli. >> reporter: he was the only person convicted for the 1988 bombing of panam flight 103 that killed passengers and crew over lockerbie, scotland. but two years after his release, megrahi is still alive. he is living here in this gated upscale community in tripoli. megrahi's brother spoke to the press gathered outside the house. the doctors, he said, are not allowing visitors, but cnn managed to capture these images showing someone believ

or the promise of more extraordinary things from ben bernanke today. >> simon hobbs. ext, actor and best-selling author hill harper with his new book. we're going to be back in a minute. [ female announcer ] what if your natural beauty could be flawless too? discover aveeno positively radiant tinted moisturizers with scientifically proven soy complex and natural minerals. give you sheer coverage instantly, then go on to even skin tone in four weeks. aveeno tinted moisturizers. >>> actually, looking for these items. are they sold separately or do they come with some sort of kit? >> you won't find these on any shelf. this stuff dates back more than 30 years. >> you think he knew the impact he would have on the mafia? that's when they whack somebody they say they made him do a houdini. you think that would make them proud? >> are we actually having this conversation? >> can you explain the difference between dna and rna? is that better? that's scintillating conversation there. >> it would be -- if you showed me in those photographs. you better return this, though, it's a

out of the market when it comes to other things but i want to show you a clip from c n b c where simon hobbs and. jim cramer thank you was like you know the neighbors like you know where they decided to go after each other about some of the advice that's being put out there take a look. by my question to which you can't be is constant issue quite prosaic you know i don't care sturgis you can get your money there you kill people to buy bear stearns that's a very different argument from me saying we're not about whether you're in six hours we're still in still a pair ok thirty six hours you fell apart and it was fine to say there was a full court and this help or my first call was that it was ok to keep your money there which turned out to be true all i'm saying is that i don't want to get people for his chances i think things are better than they were i see here. things like that had a bit of a. nerve heard him graver obvious that something that's still hard on him but he's still saying that he thinks that things are better than they were or do you think that simon hans has a point there. yea

simon hobbs live at the stock exchange, next. confidence. available in color.ooks and fits like underwear. same great protection. depend. good morning. great day. it's pro-cool technology releases armies of snowmen masseuse, who cuddle up with your soreness and give out polar bear hugs. technology. [ male announcer ] new bengay cold therapy. the same technology used by physical therapists. go to bengay.com for a 5-dollar coupon. >>> welcome back to "morning joe." dark, gloomy day here in new york city. it's 8:37 in the morning here. wall street's three-day winning streak looks like it's in jeopardy. fears of the european economy come back again. a check on business before the bell with cnbc's simon hobbs live at the new york stock exchange. how's it look down there. >> good morning. yeah, a lower open clearly. a great bounce yesterday, of course, you probably saw. 1.9% on the dow jones industrial average, and a relatively stable environment. we had that on friday as well. mainly an absence of bad headlines. volume yesterday was quite slight. less than half duri

joining us to talk about this, simon hobbs, great as this and msnbc political analyst eugene robinsonho understands the politic. setting you both up, gentlemen. all i can ask, a simp question. dow jones industrial down 265 points today. any winners in this whole kerfuffle. simon, gold -- gold went up, telling me nobody trusts anything except bullion. >> it's not about just today. we have fallen for eight straight sessions. we have lost on the dow jones industrial average 858 points in eight sessions 6.7%, because we believed the world is slowing down and that america, possibly, possibly, could tick back into recession. that is the backdrop. meantime perhaps ironically people are stampeding selling interest rates down. if you ask me specifically about the debt ceiling and what we accomplished in washington i would say the world markets most definitely dodged a bullet but a bullet playing a game of russian roulette wholly of washington, d.c.'s making. >> give me your assessment gene? >> a negative sum game. not a zero sum game and the question, who's going to lose worse. so dems lost wo

. >> maybe simon hobbs knows. >> simon, what's going on there?t simple. >> it is that simple, isn't it? >> the problem was the riots started in a place where i used to live in tottenham which is where the race riots were under factory. this looks like real criminality. it was sparked initially. tough times in the u.k. >> you know, it's interesting you say that, because we see what's going on. by the way, are you a spurs fan? >> i didn't catch you, joe. >> i said, if you're from tottenham, i take it you are a spurs fan, correct? >> i used to live right outside the spurs ground. you wake up on the saturday morning and you could see was horses to control the fan. i wasn't a tottenham fan. >> let me tell you about the markets. >> we talk to talk about english premier football. you do bring up an interesting point about -- i read other reports how this start the as a legitimate concern about police brutality. >> potentially, yes. >> at the beginning and thugs came in and thought it was a great opportunity for mayhem, breaking windows and rioting and t

. >>> let's turn to cnbc's simon hobbs live at the new york stock exchange. 's interesting, isn't it, that you've got thousands of people in britain who now feel it's okay to behave like criminals to self-justify what's going on. i don't want to overintellectualize it as they said in that report, but it's interesting in which you've had 13 years where they had a massive extension of the welfare state and an opportunity for all banner attempted to bring in all these people into society. and in that time social mobility has fallen. inequality and unemployment have risen. i think there's a big difference between how young, poor, alienated people in the uk perhaps feel than those here in the united states. and you heard the prime minister say that he wasn't going to have any phony arguments about human rights. those kids in the uk will talk about their rights to certain things continue. they will use the words, "it's my human rights." in the united states as an immigrant, it's a different attitude from everybody who feels a little bit down socially, if you like, o

. >>> up next, "business before the bell" with simon hobbs. "morning joe" will be right back. future of business. in here, inventory can be taught to learn. ♪ machines have a voice. ♪ medical history follows you. it's the at&t network -- a network of possibilities... committed to delivering the most advanced mobile broadband experience to help move business... forward. ♪ the 3.6-liter v6 engine of the jeep grand cherokee has a best-in-class driving range of over 500 miles per tank. so you can catch morning tee time in monterey and the afternoon meeting in los angeles, all without running out of gas. just make sure you don't run out of gas. ♪ ♪ >>> the white house announcing a new plan that would streamline regulations across hundreds of government departments over the next five years. the 800-page report will revise 500 regulations and will reportedly save at least $10 billion. according to the plan changes will be made to the department of labor, transportation, the epa, health care providers and hospitals and in the way stock market transactions are reported to the irs. the

we'll get a check on business with simon hobbs in just a minute. ♪ ♪ ♪ ♪ ♪ [ male announcer ] we've got match guarantee. save money. live better. walmart. build an app for the sales team. and see my family while they're still awake. [ male announcer ] with dell global services, jim's i.t. needs are supported in over 100 countries. so his company sees results. and jim sees his family. dell. the power to do more. energy is being produced to power our lives. while energy developement comes with some risk, north america's natural gas producers are committed to safely and responsibly providing decades of cleaner burning energy for our country, drilling thousands of feet below fresh water sources within self contained well systems and using state of the art monitoring technologies, rigorous practices help ensure our operations are safe and clean for our communities and the environment we are america's natural gas. >>> when people don't support plans that have in the past garnered bipartisan support, had people are willing to walk the country to the brink of default, when people, instead of sa

simon hobbs down from wall street.se palmer about that scandal at the university of miami. that and the week in review when we come back. [ male announcer ] this...is the network -- a network of possibilities. in here, the planned combination of at&t and t-mobile would deliver our next generation mobile broadband experience to 55 million more americans, many in small towns and rural communities, giving them a new choice. we'll deliver better service, with thousands of new cell sites... for greater access to all the things you want, whenever you want them. it's the at&t network... and what's possible in here is almost impossible to say. >>> i'll be the main thing that's going to bring us closer together, again, 90% of the guys have nothing to do with this, as it happened in the past. so for the most part, inside here, we're moving forward. >> that's the brand-new head football coach at the university of miami, al golden yesterday talking about the scandal involving allegations of improper benefits to dozens of former an

we're going to kill the break and keep this conversation going and simon hobbs will be joining us. >> because the jobs report is coming across. >> the crash of '29, it reminds you roosevelt took his foot off the pedal in 1937 by -- we went up to 14% unemployment. i believe we must do job growth now and i think the president ought to convene the g-8 and bring the leaders and we ought to get the european central bank, we need to get the federal reserve, the imf, we need to respond to this crisis so that the world knows we are leading our way out of it. >> and you just -- i'll just zone in on one thing you said, senator, as we have to have job growth now, nobody disagrees with that. the question i do hear around the table, and across the board even, is what is the jobs program? what is the initiative? whatever it is, shouldn't it have been started about two years ago for anything to kick in and have dramatic effect? we're in deep -- >> there are certain things -- >> mika, look -- >> that have an impact on the economy and grow the economy. you can look at certain things -- >> they are com

let's check right now with cnbc's simon hobbs. how's it looking?two-week period where we lost 9 .25%. there were a huge amount of meetings held around the world to try to work out exactly what this downgrade means. >> and whether or not there will be forced selling or not. still, as we discussed a couple of weeks ago, in the short-term, it may not have a huge fallout, partly because it's a split downgrade, only s&p has come through with it. and more majorly, because we are talking about, as merrill lynch said on an emergency call last night, a one in three chance of a recession. so people are piling back into treasuries as a safe haven play and that brings the interest rates back down. what we don't know are the second-round effects. will fannie and freddie, may, for example, be downgraded? we have a conference call starting with s&p now. they've said there'll be nor announcements today. could there be hundreds of municipalities that are downgraded? we don't know that. more importantly, we have the shadow banking system, which is a derivative throu

let's get a check on "business before the bell" with simon hobbs.ning. deven shama's departure is interesting. they say it's got nothing to do with the downgrade. the longer term problem that s&p has, bear in mind, is potentially that the justice department is investigating the mortgage backed securities which we mentioned last week. at the same time you have a group of activists and shareholders on the parent company, mcgraw hill who is suggesting it's time to spin off s&p to a point where it's an independent oversight figure to help s&p navigate potential new regulation and the new public attention it has. it may well be the broader picture here is that some of the alleged wrongdoing in the run up to the financial crisis may now be beginning to bite here on wall street, because it's not just s&p. it's that justice department investigation continues. we have news that lloyd blankfein hired a defense lawyer, also went to the justice department, last night, in a separate development, you have the justice department suing deutsch bank for $1 million b

let's get a check on "business before the bell" with cnbc's simon hobbs.s morning. everybody talking about steve jobs, the resignation. what does it mean for the markets? >> can i mention we have the weekly jobless out, willie, just to clear it out of the way. it's moving in the wrong direction. initial claims climbing by 5,000 to 417,000 and an upward revision on the week before but a lot of this apparently has to do with the verizon labor strike, so we can kind of push it to one side perhaps, it's still 400,000, that's where we don't want it to be, but we already know that unmoment is a problem. yeah, steve jobs is really the talk of the town, and what you get is people wanting to pay tribute to the man that transformed apple into last week temporarily the largest quoted company in the world by value on the stock market. as you work out, you know, what was the secret sauce to explain the huge success that he had, there's nervousness clearly about what tim cook will do. i mean, we've had the fire drill on the jobs leaving several times before and each tim

let's bring in cnbc's simon hobbs live at the new york stock exchan exchange. how is it going? fallen 7,000 below 400,000. it is 395,000. and that's actually a four-month low. in the different environment, we could get quite enthusiastic about that. that's small news, small reductions but our big problem is, of course, is that on tuesday the federal reserve said we're going to give you ultra low interest rates for two years because we has seen that's how bad it is going to be for two years. it is difficult for the market to rally on that. let me come back to just remind you that in just under three weeks we have now lost 2,000 points on the dow. the wealth construction that we this is the equivalent of one fifth of the annual output of the u.s. economy. and yesterday, you know, we really summed it down, 590 points on the session. the volume and volatility we're seeing is really unnerving people. we still got a problem coming out of europe with some of the french banks. >> massive volatility. >> things are calming down a little bit in streets of london and across the uk. that's

simon hobbs, earthquakes, hurricane, natural disasters, low guscusts from the heavens. of a recovery for us? >> look, the market has done really well. we're actually up almost 8%. we'll get a lower open today. probably down about 75 points. the issue here is we're trying to work out whether or not the stock market's bottomed about pd we have a number of hurdles. we get the case shiller home price index coming out and that should show house prices have rin for a third straight month, but this did he that last summer, they tend to come down after that, so we still think the trend is down. apparent from that, consumer confidence is out at 10:00 and they surveyed that right in the middle of the market turmoil. so it will be interesting to sea how the market reacts. and then ben bernanke's federal meants will come out.seea how t. and then ben bernanke's federal meants will come out.see how the market reacts. and then ben bernanke's federal meants will come out. that's the one where they would they would give us ultra low interest rates for two years. but it indicates they're