these folks weren t rioting like we have seen the past several days. they were there to clean up. now the problem is that the violence, looting and arson has spread to sever other british cities besides london. also a nationwide manhunt for two brothers and their older sister accused much opening fire on a florida police officer, then robbing a georgia bank. you re seeing the three siblings there and authorities do consider them armed and extremely dangerous. all right. wall street did a bit of a u-turn yesterday and thank goodness it did. we don t know exactly what it s going to do today. but we are waiting to see. that is coming up for us in about 29 minutes from now. the dow closed up 429 points yesterday. however, that was a reversal of fortunes from monday s loss of 634 points. christine romans in new york for us. alison kosik at the new york stock exchange for us. christine, 29 minutes away. what is going to happen? reporter: futures are lower and alison can tell
one assistant chief con stanl calls it unjustified acts of wanton krlt. nearly 800 people arrested for violence, disorder and looting. more than 100 officers have been hurt. the streets have been calmer, probably because there are twice as many police on the streets as there was a night before. amazon uk reports sales of lull num baseball bats are up 8,000% since the violence broke out. prime minister, david cameron meets with his crisis response committee, and he s called lawmakers from the summer holiday to address the problem. parliament meets tomorrow. these are sickening scenes, scenes of people looting, vandalizing, thieving, robbing, scenes of people attacking police officers and even attacking fire crews as they re trying to put out fires. this is criminality, clear and simple. it has to be confronted and defeated. if you re getting on a plane to the uk, the state department says stay away from the volatile area and don t get into arguments that might turn violent
republicans already sniping about a democratic choice for the congressional super committee. democrats have named senators patty murray, max baucus, and john kerry to the debt panel. and republicans are complaining that murray shouldn t get a seat because she s too political. she s in charge of fund raising for democratic senate candidates. and 12 lawmakers are supposed to be named to the committee by tuesday. they re there to pinpoint $1.5 trillion in spending cuts by late november. 10,000 extra police officers kept a lid on the violence in london last night. but rioting and looting spread to birmingham, manchester, and liverpool. police will have all tools available to stop what he says are the thugs as he put it. a cnn ireporter describes the scene. you can hear at least ten of them. sounds like i m in beirut or some i don t know, some middle eastern conflict. and i have never witnessed this in the uk. i could have never imagined this. this looks like the gaza stri
a meaningful handle on the deficits and the debt. now comes of course the federal reserve. we have ben bernanke here, which has used every tool in its box to keep credit flowing and interest rates low in the wake of the great recession. at 2:15 eastern, a little over an hour from now, the fed will tell us what if anything it plans to do in the wake of the downgrade, the debt snafu, the european debt snafu and the global stock freak-outs. in the meantime, i want to bring in richard quest, just outside the new york stock exchange, and christine romans in our new york studios. i would like to start with you. we just mentioned that the fed is going to speak here or at least issue a statement at about 2:15 today. what if anything can the fed do to help the situation that we re in right now? that s what we all want to know. the fed has kept interest rates at basically 0% since december 2008. the fed twice has embarked on big huge stimulus measures, buying back bonds, buying asset
because only so them can t get loans to hire and expand, but the fed has other policy tools that it could use to help to push interest rates lower for example. it may have to use them. the recovery rate we have is modern and slightly above the long-term sustainable rate. it is not going to create jobs at a very quick pace. well, this chart shows you everything you need to know about bank lending right now. it has dropped 25% at the nation s big banks. a $200 billion haircut, bret. peter, what about the debt commission and the kind of tax increases that could be on the table here? the two chairman of the president debt commission are keying up recommendations that are likely to include tax increases with spending incut. yesterday, they called the current budget trend a cancer that could destroy the country. they did not mention specific tax increases but here were