progress come to those who make the right choices. nations in every part of the world have travel this had difficult path. europe, the bloodiest battle field of the 20th century, is united free and at peace. in turkey to south core re, a from india to indonesia, people of different races, religion and traditions have lifted millions out of poverty while respecting the rights of their citizens and meeting the responsibilities as nations. and it is because of the progress that i ve witnessed in my own life time, the progress that i ve witnessed after nearly four years as president, that i remain ever hopeful about the world that we live in. the war in iraq is over. american troops have come home. we ve begun a transition in afghanistan and america and our
tearful broadcaster broke the news last night on north korea s state-run tv. she reported that the 69-year-old died of a heart attack on saturday. he was a reclusive dictator who starved his own people while building a nuclear weapons nation. bill richardson who has traveled to north korea many times points to several major concerns now. the peninsula is a tinderbox. this we knew was coming because of the health of kim jong il. the issue is going to be will there be stability in the north korean leadership. will they continue the recent efforts of engaging south korea and the united states over food eight over nuclear snauks. newscasts showed north koreans weeping inconsolably for the man they called the dear leader. kim s youngest son, kim jong un now in charge. very little is known about him, but the ruling workers party has already dubbed him the great successor. the white house says it is closely monitoring the situation in north korea. we are told that president obam
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
europeans and the americans might have to have more central bank intervention into the markets and also said that there have been policy decisions in europe and the united states that have been poor, and then on top of that, that was enough. that was already bad, brooke. then we got some economic reports right here in the united states. slowdown in housing, slowdown in manufacturing, and, you know, not a great report about new jobless claims. basically it all piled on. people ran out of stocks and back into into, you know, safer investments, but, really, it all started in europe. let s go there, richard quest. tell us what you did. we had a pretty awful day on the european markets. the dax in germany, main index in germany was off by 6%. by the close, all the major european markets down 4%, 4.5% and 5%. and the real reason, very much following on your theme, having had fear, worry and concern. now there are facts, and they may not be very strong facts, but as we will show
already for so many people. so it s unbelievable. we just don t know. we re at a point where there is a lot of concern because it is so uncertain. and people are following it, they re talking about it. and they ll be doing that for the next two hours. hope fly we ll have something by the beginning of next week. live from studio 7, want to get you up to speed for this friday, july 29th. we re will thalmost out of time. those words from president obama. the deadline for raising the country s debt limit now just four days away. and congress and the white house still gridlocked over what to do. the president says there are plenty of ways out of this mess, but the clock is ticking. what s clear now is that any solution to avoid default must be bipartisan. it must have the support of both parties that were sent here to represent the american people, not just one faction. itle have to have tsupport of both the house and senate. a lot of you understandably angry, frustrated o