dark studio. but we're going to improve, i promise. the big stories are the u.s. markets. the markets tanked again yesterday. the dow, the nasdaq and s&p were down 4% but good news for stocks futures. premarket trading is all up across the board this morning but remember, futures doesn't mean much until 6:00 a.m. eastern time. let's see how the world's money is doing this morning. andrew stevens is joining us live from hong kong, so tell us something good. >> i with us going to tell you something good yesterday butcy think i failed you yesterday, carol. there is something good at the moment because wall street may have tanked but europe particularly is up and up pretty healthily at this your hour, between 2% and 3% between europe, germany, and france. that's prosecutor surprising after what we've seen. as you pointed out, u.s. futures are higher so we do seem to be taking a lead on what the u.s. investors in the market are doing. here the markets finished between flat and 1% down. not at a big sell off-off here but both of the two regions amassing huge swings, this isn't help birthday i the high frequently trading we're seeing at the moment, carol. there's a lot of computer-driven trade. the chairman of the australian stock exchange. he said the average amount of time that the share market is in the stock at the moment is 20 minutes so that gives you an idea of what sort of volatility is going on. extraordinary stuff, isn't it? >> extraordinary. that's the least of it. the roller coaster continues to rise. thank you very much. thank you, andrew. talk about a roller coaster ride, one day the dow takes 420 steps forward, the next day, 520 steps back. the ups and downs will challenge even the most iron constitutions so why does the chart look like a really nauseating amusement park ride. bearish investors believe the european financial crisis could be the next lehman brothers and that the u.s. could be slipping into -- oh, i have to mention the "r" word -- slipping into another recession to sal street is torn. cnn's analyst david gergen told anderson cooper something else. >> someone who steps forward, usually the president steps forward, and you have a sense of somebody's got their hands on the wheel, knows where we're going, can help guide this ship. there's a sense right now in our politics that no one's in charge, not the president, not ben bernanke, there's no walter cronkite. there's no one here to give us that sense of reassurance. >> the dow flies around like a bad trap in an airplane. standard & poor's downgrades the u.s. 14 million americans are out of work. sounds like a great time for a vacation. congress is still in recess and the president heads to martha's vinyard next week for a ten-day vacation. four lawmakers say they should come back to d.c. and fix the economy and the president is catching flack for taking time off but if congress is gone, the president can't do much anyway. cnn's jessica yellin talked about that on 360 ac. >> he is not going out and making a call for new sweeping boulder action, but washington right now is not in the mood for some sort of being compromised. you don't feel it is in the air. there's not a vibe of deal making town. with congress gone there isn't going to be a deal. the bottom line is no, no message from the white house that they're calling them back and so no bold moves right now on the horizon. >> so when congressman jeb says the time to act now, the time is probably meant to be nowish. congressman dave camp and fred upton of michigan along with senators round out. harry reid has named democrats. nancy pelosi has not yet named the house democrats yet. maybe that super committee can win back the faith of americans. a "washington post" poll found about 70% of respondents are not confident in the government's ability to repair the economy. and a majority thought standard & poor's downgrade was a fair assessment of the country's financial situation. recess is over for british lawmakers. parliament will meet next hour to address the riots that have been tearing up the country. prime minister david cameron has called them back from holiday for an emergency session. thursday morning has not seen as much chaos. one analyst figures the four nights of looting and violence has cost businesses $160 million. they believe three men in birmingham who were run over by a car and killed ar protecting businesses from looters. the father of one of them pleaded for the end to the violence. >> i lost my son. blacks, asians, whites, we all live in the same community. why do we have to kill one another. >> what's escalated? why are we doing this? i lost my son. step forward if you watt to lose your sons. otherwise, calm down and go home. please. >> police have arrest add suspect but they have not linked the men's deaths to riots. while we're talking about the uk, the phone-hacking scam might have torpedoed james murdoch's chances to succeed his father as head of news corp. chase kerry, the man with the interesting moustache would take over if anything happened to him. james murdoch has been less than truthful about the scandal, still the company beat analysts' expectations for the fourth quarter revenue and net earnings. okay. let's talk about something fun or talk about somebody who is ooh making fun of something. comedian jay leno wants to explain america's economic situation to all of you. you be the judge. he's your punch line this morning. >> we've come up with a simple metaphor. i think this helps explain to people exactly what's going on. here, take a look. >> and now a video metaphor for this week's financial crisis. the red-hot air balloon represents republicans in congress. the blue one represents democrats. the guy on the wire is cause in the middle trying to stay alive. the plane comes at them represents s&p and this is them cutting the u.s. debt. this has been this week's metaphor for the u.s. financial crisis. >> explains it as much as anything else, huh? the search is on to find aliens. we'll tell you why. but first here's the quote of the day. we needed a fightback, and a fightback is under way. find out which newsmaker said this and why. let me give you a minute. it doesn't have anything to do with global markets. it's eight minutes past the hour. ♪ ♪ ♪ [ male announcer ] more people are leaving bmw, mercedes, and lexus for audi than ever before. ♪ experience the summer of audi event and get over 130 channels of siriusxm satellite radio for three months at no charge. there's another way to minimize litter box odor: purina tidy cats. our premium litters now work harder to help neutralize odors in multiple cat homes. purina tidy cats. keep your home smelling like home. fiber one. uh, forgot jack's cereal. 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[ male announcer ] half a day's worth of fiber. fiber one. it's nine minutes past the hour. good morning. this is your am "wake-up call." now back to the quote of the day. we needed a fightback and a fightback is under way. who said that? prime minister david cameron. he was talking about the riots in london and the surrounding areas. so that mystery is solved. let's go to reynolds wolf in atlanta. any flight delays out there this morning? >> not yet. we've got a chance for thunderstorms across parts of the nation. you're going to have delays especially in places like miami, ft. lauderdale, especially orlando, tampa. do you see the trend here? lots of places in florida. fog and low clouds mike give you a delay. los angeles, too. a little bit of marine layer but the pesky stuff might be gone by mid morning. one of the reasons for the thunder boomers, it's going to be kind of simple. a few pop-up storms. plain and simple. due to the boundary maybe bringing a shower to parts of the carolinas, central texas and hopefully dallas. they could definitely use rain. plenty of sunshine for the west coast and stormy conditions for the plains in the northeast. heat is going to be relentless once again for dallas. 105 in dallas, 105 in el paso, 69 in san francisco, 84 in new york and 82 in boston. you know, we were talking about travel. if you happen to be traveling, maybe not just from one part of the country to another but out in space, we'll get a little information for you. have you heard anything called seti? you haven't? that's why i'm here. i'm going to tell you about it. it's a search for extraterrestrial intelligence. they're going to bring this back on line. what these do, these incredible telescopes, they do deep space searches for alien life. so there you go. the more you know. they're back on. >> wow, wow. i hope they see something. that would be exciting. >> space is a pretty good space. they've got a lot of searching to do. hopefully they'll let us know if they find out something pretty quickly. >> oh, i'm sure they will. >> they will. shouting it from the rooftops. >> the statue of liberty is closing for a renovation. they say it will make the interior safer and more accessful. the monument will be open through october 28th. liberty island will remain oh open through that renovation project stow. stephen colbert is endorsing rick perry for president, not the rick perry but that's rick parry with an ad. his new tv ad hits the airways in iowa just ahead. comedian steven co-bar has been super dupe and he's got a message about the others. these campaigns, they send your jents e-mails with emotional triggers that make you feel part of something bigger like bachmann's join the fight, pawlenty's i can't do it alone and her man cain's give me $5 and i'll punch a muslim. this is shameless manipulation and i'm disgusted that i am not doing it. so if you'll excuse me, i need to draft a quick e-mail to my super pact members, subline, spiders in your hair. they here doing it again. we only have seconds to stop them. don't forget, earlier i used the phrase "spiders in your hair." send me $25 right now to make a difference, or send me $100 to make four differences. or just let the bad guys win. your choice. quick, look behind you. stephen colbert. i hope he raises a lot of money. what better way than to talk about our political ticker than with tim farley. live if there washington. >> oh, that stevphen colbert. >> i know. so clever. >> i know. he's a funny mack. he's got his big super pact. americans for a better tomorrow tomorrow, and he's endorsing rick parry with an "a" as in america. that's stephen colbert. i get the sense, it's not going to put the ad business out of business. it's kind of like the onion never put news business out of business. >> he's trying to make a point that apparently our political system is a bit messed up. >> it is shaping up to be a big day in iowa. another gop presidential debate is set for tonight and of course the iowa state fair begins today and get who's going to be there? sarah palin. >> yes, sarah palin. isn't that amazing? the debate tonight and also on saturday and the two biggest names that won't be in the room tonight or on the ballot saturday are rick perry and sarah palin. a recent poll -- this is a fox news poll. they're handling the debate. this shows mitt romney is the front-runner and rick perry is second and sarah palin is second in the poll and it's interesting to see she seems to show up whenever they're having an effect. she has until maybe labor day to make up her mind about this or is she just trying to shake things up. >> you don't think she's going to the iowa state fair to get a deep fried butter stick? >> who wouldn't. the fried zukieny and elephant ear. who knows. they're so bad for you. >> that is their specialty. they're going to have a deep pride butter stick you can eat. thank you very much. tim farley. researchers believe they have developed a drug that may some day cure the common cold and other virus infections. it identifies cells that have been infected and kills the sells to terminate the infection. most of the tests were done in human and animal cells cultured in the lab. they hope to license the drug for eventual human clinical trials. >> thousands of british police flood the street to show a force at least to tense the quiet night. the prime minister gets tough with ride rioter saying nothing's office the table. we'll take you live to london. but before we go, today is national day of presidential jokes. i'm going to tell you why. august 11th, 1984 president ronald reagan made a joke while getting set up for a radio address. guess where that came from? it's 18 minutes past the hour. ♪ let me make you smile ♪ let me do a few tricks ♪ some old and then some new tricks ♪ ♪ i'm very versatile ♪ so let me entertain you ♪ and we'll have a real good time ♪ [ male announcer ] with beats audio and flash, you can experience richer music and download movies straight to the new hp touchpad with webos. it is 21 minutes after the hour. there are three things to put on your radar. prime minister david cameron will talk about the ways with parliament. that's eastern time. plus the weekly initial jobs claims come out at 8:30 eastern this morning and president obama will speak around 2:40 p.m. eastern time from michigan. he's expected to highlight the innovation play and fuel economy standards. the british riot police out after prime minister david cameron said he would resfor order by any means possible. nothing is often the table including water cannons. let's go around the world with max foster. he's live in london. a bit of news. it was a quiet night last night. >> it was, but more than 1,300 people have been arrested over this process. and what you had overnight, which is interesting, is court holding special sessions and fast-tracking all of these cases through the system. some chaos there, but certainly dealing with the process here. and later on you've about got david cameron speaking in the ild being behind me, talking about this special session of parliament that's been organized in the middle of the summer. sit's normally recessed. a very fundamental debate will be taking place, carol, not just for britain but europe. it's about austerity, making police cuts and budget cuts, $2 billion in cuts at the same time when policing has never been needed before. a tough test for david cam rob today. >> you're not kidding. police are taking the matters into their own hands. they're saying these are not police officers, we'll just do it ourselves. >> yeah. you've about had stories about them gout out and beating rioters away. a real debate developing on the left and the right. it's going to come together later today. lots of talk on social media about it. initially they were in a cross bout because it was organized, the rioting on social media but interesting to see the police fighting back and talking about arresting people and insightment on twitter, so that's been a new development on this as well. >> interesting. max foster, thanks so much. the transitional government is offering am amess city for rebels. thousands of women and children have already died and we've heard heart breaking stores about families having to big the strongest child to take with them to get help and leaver their sickest child behind. u2 bono is pleading for help. >> people seem to prefer watching people in the high streets of london fight policemen rather than watching children of somalia fighting for their lives. people watch the values, stock values crumble while, you know, i think about our own sense of values tumbling. >> you can help the victims if you wish. and they need so much help. this is how you can help. head to cnn.com/impact. it will tell you all the ways you can make a difference. >> retribution in afghanistan. u.s. military officials say they've killed the insurgents possible for shooting down the helicopter over the weekend. 30 american troops and eight afghans died in that original attack. an accident in china left a woman bared under 20 tons of garlic and onions. watch as a fully loaded truck skidded and flipped over spilling its cargo onto the streets. amazingly she walked away with only bruises. the driver slipped out of the truck and fled the scene. it's unclear exactly what caused the accident. >> it's like a scene right out of a wild west movie. police teamed up with cowboys hoping to catch an out-of-control bull. how it ended just ahead. d an electric motorcycle? 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[ male announcer ] get the venture card from capital one and earn double miles on every purchase, every day. go to capitalone.com. what's in your wallet? like new splenda® essentials™ no calorie sweeteners. this bowl of strawberries is loaded with vitamin c. and now, b vitamins to boot. coffee doesn't have fiber. unless you want it to. new splenda® essentials™ are the first and only line of sweeteners with a small boost of fiber, or antioxidants, or b vitamins in every packet. mmm. same great taste with an added "way to go, me" feeling. new splenda® essentials™. get more out of what you put in. good morning to you. it is thursday, august 11th. this is your a.m. "wake-up call." i'm carol costello. thank you for joining us this morning. i'm here in new york. it's 29 minutes past the hour. stock marketsab tumble on wall street. the shanghai composite was up slightly. the dow plummeting 25 points or 4.5% you know that. in the meantime fears that a double-dip recession may be looming. some predict a worse recession could be worse than the last. >> i think the chances could actually move to 50/50 right now. it's not just the stock market. you know, consumers are 70% of the economy. and as consumers continue to be ladened with debt, they can't borrow. their wages are declining, housing values dropping. there's not enoughing a gri gat demand to keep the economy going. >> we'll take a closer look. christine romans will joins live in just a few minutes. >> the congressional super committee is almost set. we're just waiting on house minority nancy pelosi. harry reid has made his picks ochlt on the republican side, here ooh's who have been tapped. senators jon kyl of arizona, pat toomey of pennsylvania and rob portman of ohio. all six are noun for being fiscally conservative. in other news this morning tragedy in a tennessee classroom. suzette york, the principal of the memphis junior academy was found dead in her own school. she was found lying in a pool of blood but no word on how she died. a 17-year-old student is being questioned. he's in police custody. so far no charges have been fil filed. in oklahoma police are looking into who attached a crude bomb to the line. they doused the device with a water can and managed to disable about it. now it's being checked out at an fbi camp. it was made of black powder and propane. a wild police chase in washington. this is something you need to see to believe. isn't that strange? this was captured of dash cam video. that was a raging bull running in auburn covering about four miles in a half hour. it was fast. police on its tail but they could not seem to catch him. so they called in some backup. the backup was cowboys.