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good evening. i m erin burnett. out front tonight, a greek collapse. literally. the greek finance minister just hours before he was to be sworn into his new role, it s a crucial role, fainted. it was a depressing visual for a country that is trying with a brand-new government to keep its economy from entering a black hole. the greek leader s collapse kept him from going to the highly anticipated euro 2012 soccer match today. greece took a shellacking from germany. germany was favored to win. the bookies only gave greece 17-2 odds. so the outcome was predictable. sort of like the break-up of the eu. italian prime minister mario monty warned today of the apocalypse. saying there is only one week left to save the euro zone. that s after the leaders of germany, france, spain and italy met today, to once again say we re going to do whatever it takes to strengthen our monetary union. the problem is they talk a lot and they don t do much. they have not done that yet. no one expects
plunge. the dow slid 251 point, today. there s only one other day this year that it has been worse. people are afraid. they re afraid of the blood gushing out of europe s veins. they re afraid of the blood draining out of jobs here in the united states. ultimately, they re most afraid that congress is too cold-blooded to do anything about it. to make a deal that could instill confidence again in the greatest economy on earth. yes, that is, still, by leap, bounds, everything, everybody, the united states of america. instead, by the end of the day, the credit rating agency moody s downgraded america s five biggest banks. specifically blaming fear about stability in the global financial system. that means it s going to cost those banks more to operate. that means they have less money to lend to all the borrowers in this country. about the only person feeling good today, billionaire larry ellison. it s good when you got $36 billion and buying an entire island in hawaii is pocket
the party in south beach. guaranteed it is still going on this morning. he said it s the best day of his life. i wouldn t doubt it. hi, everybody, nice to have you with us this morning. welcome to early start. it s 5:00 a.m. in the east, good morning, everybody. it may be a good morning, it may not be such a good morning, depending how you look at things. the markets are down worldwide this morning after the ratings agency moody s downgraded 15 of the world s largest banks and guess who happens to be sitting in this morning. the woman who knows everything there is to know about this. can you boil this down and let us know what it means for us? it means that your stock investments got hit yesterday and the global economy is slowing and we re seeing the ramifications of that around the world. 15 of the biggest banks in the world, including five of the largest u.s. banks were downgraded by moody s. bank of america, citigroup, goldman sachs, jpmorgan stanley. and hsbc
we start on the campaign trail and president obama s full-court press to win latino voters who could be the key to winning re-election. so exactly a week after he announced the u.s. would stop deporting some illegal immigrants brought here as children, he spoke to one of the country s biggest hispanic conventions. we should have passed the d.r.e.a.m. act a long time ago. it was written by members of both parties. when it came up for a vote a year and a half ago, republicans in congress blocked it. the bill hadn t changed. the need hadn t changed. the only thing that had changed was politics. mitt romney had his turn. president obama has not made them a priority. after 3 1/2 years of putting every issue from loan guarantees to his donors to cash for clunkers, putting all those things before immigration, now the president has been seized by an overwhelming need to do what he could have done on day one, but didn t. i think you deserve better. chief white house correspond