msnbc contributor. and also sitting in for martin bashir this week. thanks for joining me. coming up, why cozy relationships between rick perry and his donors are something you should be aware of. and why would the americans for prosperity have an interest in school board elections in wake county, carolina? that s what we wanted to find out. that s later in the show. one log in lets you monitor all of your balances and transfer between accounts, so your money can move as fast as you do. check out your portfolio, track the market with live updates. and execute trades anywhere and anytime the inspiration hits you. even deposit checks right from your phone. just take a picture, hit deposit and you re done. open an account today and put schwab mobile to work for you.
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steven moore and robert reich, labor secretary during the clinton administration. currently he s a professor of public policy at the university of california at berkeley and author of aftershock, the next economy in america s future now out in paper back. ali, what happened today? reporter: we had a situation where it s not just fear we were talking about. this was actual fact. we started this morning with slow bad markets out of europe. then before the markets opened we got this report from morgan stanley which talked about slow growth around the world, telling us things we already knew. but they said we re on the precipice of a recession. they also cited errors in policy making here in the united states and in europe, and they said it s likely that european 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 ma
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
down 9 1/2%. so what happens next? and is your money safe? these are the questions for legal ber and ali velshi. i ll start with you with the usual entreaty. what is going on, ali? the french economy, actually no growth in the quarter. global economies are slowing down. we re dangerously close to a recession. we may need more intervention from the european bank and more from the fed. you ve been talking about this piers, that rick perry said we can t have more intervention. if the fed intervened it would be treasonous. what s that setup? we have no political agreement in this country and add a few economic reports and i won t bore you with right now that came out again before markets opened this morning that added up into a big mix. people were running into the market, putting their money into gold, which hit another record, and savings bonds. this is pretty serious, isn t it? we ve been talking about the possibility of having some kind of second recession. is this lookin