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Transcripts For CNNW The Situation Room With Wolf Blitzer 20110818

we ll begin with the breaking news, all of us with money in the stock market, we re just catching our breath and now this, another big selloff on wall street. all three major indices way down at the closing bell. the dow losing a hefty 419 points. it s the fourth biggest slide for the dow in a month of big losses. the dow has plunged 1152 points so far this august. that s a drop 9.5%. and the month isn t even over yet. let s turn to cnn s richard quest. he s following what s going on. a lot of traders on wall street, richard, they re blaming what s happening where you are in europe for a lot of the problems here in the united states. do they have a point? way too simplistic to put it like that, wolf. there are problems on both sides of the atlantic. what prefaced today s fall was the morgan stanley s report that warned of a dangerous risk of recession in the united states and in the euro zone because of what it called policy errors and sluggish growth. it s not you cannot

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