For erin burnett. The markets deep dive. The dow plunging more than 1,000 points within minutes of the opening fall. The fall epic. Stocks did try to stage a co comeback but fell back. Thats 3. 5 for the day. Overall today, the worst for the dow since august 2011. It caps the biggest threeday point loss in history for the market. Americas biggest and best known Companies Like ge and pepsi crashing more than 20 at one point. Apple dropping 10 . This is part of a meltdown on stock markets across the globe, raising fears this do be the beginning of something worse. Allison kossick is outfront tonight. Give people a sense of how crazy today was. 14 billion shares traded, the most in four years. The dow see sawing 3,000 points in the first 90 minutes of trading. What is going on here exactly . It was a stunning day when you look at what happened in the markets. This was all about china and it all sort of began at least for todays trade it began the night before when we saw chinas main index fall 8. 5 . That triggered the jaw dropping fall of the dow at the opening bell for us, that drop of more than 1,000 points. That sort of set things into motion. But theres a bigger underlying reason for the volatility that were seeing. Were seeing this because chinas economy is slowing. We have known this for a while. The difference thats happening now is is that investors are seeing that it may be slowing more than they realized. The problem here is that china is the worlds second biggest economy. In fact, at one point it was powering growth throughout the world. But now it looks like china is having some really big problems. The reason were worried is because u. S. Companies rely on china where we sell our products there. But china is having problems. That means sales and revenues could really suffer. That could wind up ricochetting here in the u. S. And hurting consumers here in the u. S. No question. Chinese miracle, big driver of global growth. What are traders telling you about tomorrow . Right. You make a good point. Traderstelling me they wouldnt be surprised if this continues, we could see main indexes drop lower. But you said it yourself. Traders are going to watch a couple things. They will watch the asian markets which open in about two hours. They will want to see how asian markets react to our performance today. They are going to want to see if chinas government makes any kind of policy change. If it does, that could kind of calm things down. The second thing that traders are going to look for is the fed. The fed is expected to raise Interest Rates in september. But if the fed sees how the Global Economy is and says were going to wait that could bring some calm into the market. Theres no quick fix for this. There are a couple things that could calm the markets down. We shall see what happens when that opening bell rings. Thanks for joining us. Joining me now for tonights money and power, richard quest. Peter kenny is chief Market Strategist and jim bianco. Richard, i have to ask you, this is the burning question, is this a market move, a Market Correction or could this be the beginning of a global crash, another crash like 2008 . Its not 2008. Everybody i have spoken to says its not 2008, the same factors arent at play. Its not 1997 either. Is this a correction or is this a bear market. We dont know. You never know until the thing is up and running in full throttle. What we can say with a certain degree of certainty is that what needs to happen is policy response. This market is not going to turn around and head up again unless theres some form of policy response. That might be the fed making it clear theyre not going to race rates. It might be china clarifying its policies. Theres 1,001 issues that are out there. All are mitxed up in the same mess. What the market is looking for is direction. The dow losing more than 1,100 points. People at home are watching. What if anything do we all need to be doing with our savings . Its true that over the last four trading days we have seen volume expand, prices coming quite, quite sharply. That sets off alarm bells for everyone. That said, its important to remain diversified, to make sure you have exposurexposure. Theres justification for exposure. Additionally, think defensively. Dont try to catch the falling knife. This market is going to be intensely volatile for the next few weeks. Possibly months. With that in mind, theres going to be a lot of money shaken out of very weak hands. You want to have exposure to the vehicle vix. Interest rates are basically zero. A government could cut Interest Rates to give the market a boost. Does washington sounds like we lost jim there. Peter, i want to ask you that question. I will ask you richard. Since Interest Rates are zero, that would be the government response. Does washington have any tools to revert a crash or a financial crisis . From my perspective, the fed is in a bit of a box given the fact that global coordination in terms of Monetary Policy has to today at least, at least to the last week or so, it has worked. Now the fed is does not have that option of lowering rates or reintroducing a stimulus package. What the fed can do is speak to policy, terminology is going to matter a great, great deal. The fact of the matter is, were getting gdp on thursday. Its probably going to be stronger than expected. The fed is going to have to address that by stating they are probably going to hold off on moving on rates. As richard indicated, it was expected to take place in september, at least initially. Thats probably going to be pushed off until later in the year. I think we have peter back. Can you hear me . Yes. Peter, i want to ask you as well, we were just talking about governments not having the ability to cut Interest Rates because theyre so low as a response to this to get the markets going again. What would you want to see . Richard mentioned this before that the markets are looking for something, a positive message, some sort of change, injection. What are you looking to looking for to slow this crash down . I heard richard. He is right it is about a policy response out of china. The problem is, china has been trying to give us a policy response all year. The market has now concluded china is in a full panic. They have gone as far as threatening to arrest short sellers in their market. They have devalued their currency. They have tried everything they can to get the economy moving forward. Because they cant do it, the market is losing confidence in them. Is there a magic bullet they could come up with tonight or tomorrow . They tried numerous bullets in the last number of months. None of them have worked. Thats the epicenter of the problem. China is the factory of the world. Everything gets produced in china and sold around the world. The reason china is slowing is the World Economy is slowing. That then the inability of china to deal with it is making people think that the World Economy is slowing a lot worse than they thought, which is why we see market turbulence not just in the u. S. But all over the world. Thanks, jim. I called you peter but i know you are jim. Before we go, richard, just want to ask you this. One of the oldest investing rules in the book is the simple thing buy low, sell high. Look back at the past market crashes, people made a lot of money, who had the guts and money to buy when the market crashed. You never know when the bottom is. Buy low, sell high, if you know the direction. If you are not trying to take on the professionals. If you are an amateur at home looking at your 401 k and worried, sit this out. I guarantee, if you try and play into this market, in this in these conditions, you dont know whats happening in two hours in beijing or in shanghai or in 12 hours while you are asleep in frank for t frankfort or london. The market never closes. Im looking to see whats happening in auckland. Peter, he said dont try to catch the falling knife. Thats the met faphor of the night. Next, jeb bush on the u. S. mexico border today outlining his immigration plan and taking aim at Donald Trumps. How did trump fire back. Joe biden meeting with president obama today and coming away with the president s blessing if he decides to make a run for president. Will biden make a late bid to take on Hillary Clinton . Can he top donald trump . This dramatic video of three Young Americans, friends on a tour of europe, now hailed as heros after risking their lives to stop a potential massacre. If you qualify for a sittinghams card today i can offer you no interest for 24 months. 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Or, you can change the way you check your phone. Its 30 in the first. Howd you do that . Magic. Acutally, its the Samsung Galaxy s6 edge, with discreet edge notifications. The battle over the border is heating up. Miles from the mexican border, a notably feistier bush calling trumps plan to build a wall and deport more than 11 million undocumented immigrants unrealistic, costly and offensive. But is this trip and that message enough to change voters minds . You have to have a deeper strategy than just building a fence. Reporter it didnt take long for jeb bush to go on the offense during his day stop at the south texas border city of mccallen. He went straight for trumps immigration policy. His plans are not grounded in conservative principals. It would cost hundreds of billions of dollars. Its not realistic. Reporter last month trump flew his train down to loredo. We have a tremendous danger with the illegals coming in. Reporter trump is needling his fellow gop candidate. Its rough, tough stuff. This is not love. I think he will be able to figure that out, maybe. Reporter both bush and trump met with local officials, the similarities end there. Campaign Officials Say bush has visited the border before and is familiar with the issues dominating the immigration debate. Bush tweeting last week, his massive inconsistencies aside, Donald Trumps immigration plan is not conservative and does not reflect our nations values. Trump later responded at his alabama rally. Jeb bush, very weak on immigration. Wants to let people come in. Reporter for all the back and forth, the two do have substantial differences on key issues such as birth right citizenship. I think that people born in this country auto be american citizens. You walk over the border and all of a sut we have another american citizen. It doesnt work that way. Reporter building a wall. I talked to the southwest governors. No one thinks that we should be building a fence as the solution to security. I will build a great, great wall on our southern border. I will have mexico pay for that wall. Reporter and how to deal with the 11 million undocumented immigrants in the United States. Simple fact is, there is no plan to deport 11 million people. We should give them a path to legal status. They came over illegally. Some are wonderful people and they have been here for a while. They got to go out. Reporter over the weekend, trump was short on specifics on how he would execute the plan. Declare how you are going to do it but you dont say how. George, im telling you, its management. You can do this and we can expedite the good ones to come back in. Reporter at bushs press conference, the restaurant you see behind me, six miles from the actual u. S. mexico border. We asked his aides why he didnt make the drive to see whats happening right now. Th their response was that he has been to the border on several occasions and it wasnt necessary this time around. Katrina pierson, spokesperson for the Tea Party Leadership fund and mercedes flappa. Jeb bush slamming trumps immigration plan. You heard it there. Offensive, violating peoples civil liberties. How do you answer that . Its all talk. Its really nice that jeb bush stopped for a photo op when he was there for a fundraiser but didnt bother to see the border and wants to grand stand that his plan is the best. Here is the thing, he didnt talk about what his plan would cost. He talks about the billions of dollars it would cost to get it under control but in his plan, he wants to let everybody come in, let everybody stay and share the cost with the states. He doesnt put a number on that which happens to be in the billions as well. Jeb bush needs to take a step back and ask the voters what they want. If you look at the polls, its Donald Trumps plan. Its a right leaning think tank which estimates it would cost 4 to 600 billion to deport 11 million undocumented immigrants. It would reduce gdp by 1. 6 trillion. These charges are not coming from the left. Theyre coming from the right. Right. But the point is hold on. He was talking to me about the numbers. The point is that there isnt a number put on what it would cost to keep them here. That was my point. Let me give you a chance to response. Sure. When you look at immigrants who are here legally and contributing to our economy and during a l doing jobs that americans dont want to do. This is about creating Economic Growth in america. If we have an immigration we are a land of immigrants. This is where the irish came to our country to search for a better life to contribute to america. And the key is you have individuals would left very bad situations in their own country. When you look at kwa ta hondura salvador. Because we have not enforced the law and we have president obama with an executive overreach on immigration and he has ignored the problem, you have the problem here. How do you deal with it . Katrina, do you think you will round up these millions of individuals that have been here . Some of these children born in america and deport them. That is not popular. It is popular among some republican voters. Its because no one is buying into the scary tactics of rounding people up at gun point. Trumps plan calls for sending back the criminals first. The families will work with them. We can agree with. What we know is that trumps plan puts americans and their children first, including legal residents, not some off branch shoot of let everybody come. No one is saying to let thats what jeb bush is saying. If you are born here, stay here. We are talking about the birth right citizenship, which is a difference between the two candidates. Which is an important debate to have at this point. You are right. Theres fraud that does happen. Individuals who come and have their babies here and then expect to get citizenship. Should that be a debate . Absolutely. The fact that we have ignored immigration illegal immigration for so long and the problem hasnt been dealt with, now you will go after the 11 million undocumented immigrants and say, get out of here . Thats not realistic. The American Public should not have to take up for the politicians who have failed. Its time to deal with the issue. You have to deal with it swiftly. Were on economic fumes right now. We cant afford to let all these people stay here and put them on the systems. You are saying give me a second. Bush we laeheard him speak i spanish, conducting an interview for telemundo in spanish. He called trumps plan offensive. He spoke about his own wife and children who, of course, latino background. Have a listen to what he said. [ speaking spanish ] i want to ask you, mercedes, you heard that applause there, you heard him talking about pride as well. And yet trump is still trouncing bush in the polls. Why is that message not getting across . You know, trump loves looking at the polls. One poll i dont think he is seeing is the one that came out on gallop today saying that 65 of hispanics view him unfavorably. It might be time for him to change the rhetoric. Its about time. You know what . Jeb bush and the other candidates have to be true to themselves in terms of immigration and figuring out the best way to fix the system. The point is, its about tone and rhetoric and how you can really reach out to those hispanics in key states like florida, colorado, nevada. If we cannot win florida, we will lose. Thats a fair question. You know that after 2012 the Republican Party itself looked at itself and said, we have to do a better job with latinos. How do they do that when this is the message that is coming from the republican frontrunner . It wasnt the Republican Party. You will recall that it wasnt the base that chose the nominee. The same people that wrote that autopsy report were the same consulting cla ining classes tat we have to pander to hispanics. How insulting is it to the latino americans and legal resi