joins us and maria bartiromo with what to expect. david ignatius joins the conversation. you are watching morning joe brewed by starbucks. boy, i m glad we got aflac huh. aflac! oh, i ve just got major medical. major medical. .but it helps pay the doctors. pays the doctors, boyyy! [ quack ] oh yeah? what about your family? we added aflac, so we get cash! it s like our safety net. to help with the mortgage or whatever we need! so my family doesn t feel the pain too. ha! [ male announcer ] help protect your family at aflac.com. [ pigeons ] heyyy! hooo!!!
another recession. and adds new urgency to the political debate here in washington over new jobs initiatives. the dow jones industrial average was down just short of 420 points or 3.7%. the nasdaq down 5.2%. the s & p 500 down 4.5%. it is what drove the markets down that is again stoking recession fears. overseas more jitters as europe struggles to contain its debt crisis. here at home, data some see as evidence of a new downturn. weekly unemployment claims rose much more than expected. sales of existing homes dropped by 3.5% in july. analysts had been expecting a modest increase. the key manufacturing index was way down. and inflation on consumer goods was up. add in collapsening consumer confident and you get sober advice like this. 2012 could be a very difficult year. i m on the camp that we have more chance of being in recession than avoiding it. so they should be conservative right now. their confidence should be down. because there s every reason out there that they s
central bank and the fed would have to get further involved in this economy. now, you know all week we ve been talking about rick perry saying it would be treasonous for the fed to get involved. while his comments may have been misinformed it represents a view in america that fed should do no more work in stimulating this economy. so now we have investors saying we need more investment. you got the morgan stanley saying we do. and you ve got a lot of people in america saying don t do it. so we re at an impasse. investors said let s get our money out of there. they put it into bonds and into gold. the nikkei down 2% on opening. robert, i know you say look at unemployment more than you look at the dow. but when people s retirements are tied up in this roller coaster and every day it s up and down hundreds of points, what should people be thinking? anderson, obviously right now we have a jobs and wages and growth crisis. and not a debt crisis. and until we actually get more
with the usual. what is going on, ali? look, we started off the day this morning with a rough night in asia. european markets on news that, you know, the german economy, the strongest in europe has weakened to almost a stall, the french economy, absolutely no growth in the quarter. that took u.s. markets downright off the top. but before that, more than 12 hours ago, we got a report from morgan stanley to say what we ve all been saying, global economies are slowing down, that they were on the we re dangerously close to a recession, we may need more intervention in europe from the european central bank and more from the fed. and you know, you ve been talking about this, piers, that rick perry said that we can t have more intervention. in fact, if the fed were to intervene, it would be treasonous, it s that whole set-up, what are we going to do if things are really bad? we have no political agreement in this country. and add a few economic reports and i won t bore you with
stuff, particularly when you re completely wrong, you re so nice about it. same here, same here. this is the part i try to bring you to your senses and make you appreciate you may be tanned and beautiful. i m so glad you re here, thank you. really good news about there not being a nuclear end of the world. best new thing in the world ] women move the world. and caltrate moves us. helping strengthen our bones. caltrate delivers 1200 milligrams of calcium and 800 iu of vitamin d plus minerals. women need caltrate. caltrate helps women keep moving because women move the world. aflac! oh, i ve just got major medical. major medical. .but it helps pay the doctors. pays the doctors, boyyy! [ quack ] oh yeah? what about your family? we added aflac, so we get cash! it s like our safety net. to help with the mortgage or whatever we need!