desperate search to find their daughter. georgetown university basketball players slugging it out on the court with their cheeopponents. some are crying early, "early" this friday morning, august 19st, 2011. captioning funded by cbs >> good morning, beautiful start to the day on this friday, i'm chris wragge. >> and i'm erica hill. one of the big stories we want to talk to is the west memphis three been in prison for nearly 20 years for the murder of three 8-year-old boys in arkansas. all three said they're innocent. now we're told some could be freed later today after making a deal with prosecutors. erin moriarty of "48 hours mystery" will be here with us. we begin with the very latest on the stock market dive. stocks around the world this morning are down after the dow jones industrials fell more than 400 points for the fourth time this morning the index finished below 11,000 thursday with a loss of 419 points after worried investors rushed to find a safe place for their money. rebecca jarvis is at the nrk nrk with new york stock exchange with their money. there's been so much volatility. in layman's terms what's really going on? >> reporter: in layman's terms there is a lot of fear there'sen aindex that can look at the volatility. they can actually measure the level of volatility and it is abnormally high right now. it's not however, as high as it was in 2000 when we had a massive financial crisis in the united states, that would be nobody as panic. right now the market is down 16% since april 29th and that was where the market really peaked this year. >> that's where it peaked but a month ago it was comfortably over 12,000. now we're below 11,000. a lot of concern what will happen today. is it expected the markets will continue to plunge? >> reporter: volatility is the name of the game. upside and downside but there are two major driving factors behind the market declines. first of afears of a global recession not only here in the united states but around the world from europe to asia. in addition to that problems at european banks really driving things in a negative direction here because countries like italy, like spain have bad debt problems and those bad debt problems are creating major concerns over what the future of european banks will be. >> rebecca jarvis thanks. >> joining us to talk more about the markets and jobs in new york city is new york city mayor michael bloomberg. >> good morning. >> how do you make this type of volatility stop? >> it always peters out too far. if you had to bet ten cents i wouldn't bet more than that, u.s. government bonds are bought at too high and gold is too high a price, why, because it's been going in that direction too high. our government is not functions and we have the potential for very big problems and today too many people are unemployed and losing their houses and in europe, there really is a question as to whether europe is broke and the only salvation there is germany and france are the only ones that have money, the only way out of their problems is those two countries bail out the rest of europe and it's not clear the citizens of the two countries are willing to do it. >> do you see any stability on the horizon? >> it always stabilizes after a while, stabilizes for a few days and comes back. it's not august there's not a lot else to do. there will be another event that takes over the headlines and people will go back to a more rational view but keep in mind once again, the problem is not the stock market. the problem is what the stock market is trying to tell you, whether it's telling you the truth we'll only know in the future but markets are aspirations and expectations, and speculation. >> you talked about though the impact of the government and the fact that the government by many accounts and by many interpretations is not functioning here. >> our government. >> exactly. so there's so much talk about what the president needs to do and both parties need to do. realistically can the president make an announcement announce a plan that is going to have an immediate impact on this economy? >> nobody is going to come up with a quick, simple solution to a complex problem that has been building for years. in '08 the problem was we took too much risk. the congress the builders the employers, the i.r.a. everybody wanted speculation to continue and eventually it collapsed. the problem is the reverse, people are unwilling to take risk, the banks don't want to make loans, people don't want to borrow money, you don't want to buy a new house. how do you get the economy going. there are also structural changes, it's globalization, it's automation and we have to deal with that and the president has to come up with plans but they're not going to be overnight solutions. >> there's been talk about small business, programs in place in new york city, incubator program for startups. what impact have you seen on local economy and job market? >> america has lost roughly 6% of its jobs from the bottom from now. new york lost less than half of 1% and the reason is we focused on small businesses. big businesses have fat they can cut out over a small period of time. small businesses automation doesn't help them they tend to be hands on and operate pretty lean. you have to create a lot more small businesses, make the climate better for small businesses. we have incubators angel funds, we have training programs help you write a business plan and most importantly want to get immigrants around the world to come to america the single biggest thing the president can do with congress is open up the borders to those who will create jobs here because immigrants when they come do exactly that they don't take away jobs this he create jobs for people living here for generations. >> thank you for being here. >> thank you for having me. we turn to the presidential campaign, a new republican in the race and presidential visit to three key midwest states. whit johnson is in washington to wrap it all up for us here on the end of the week. whit good morning. >> reporter: good morning to you. the 2012 election is more a year away but this week you would hardly notice. the race hit a new level of intensity and a cluster of top tier contenders emerged. this week rick perry bolted out of the starting blocks. >> i declare for you today as a candidate for the president of the united states. >> reporter: only to get tripped up before hitting his stride. he attacked federal reserve chairman. >> if this guy prints more money between now and the election i don't know what what you all would do to him in iowa we would treat him pretty ugly down in texas. >> reporter: he was widely credit siszed for the remarks. >> i got in trouble talking about the federal reserve yesterday. >> reporter: by the end of the week he was back on track. >> we don't need an excuse maker in chief. >> reporter: perry and the rest of the gop field sharpened their focus on president obama. >> had he had a successful first three years he wouldn't be on a bus tour. >> reporter: as the commander in chief made his way through the heartland including a stop in iowa that seemed a lot like a campaign rally. >> i want you to help hold all of us accountable, me included i am enlisting you in this fight. >> reporter: earlier in the week congresswoman michele bachmann collected a victory there, winning the ames straw poll. >> this was a wonderful downpayment on taking the country back and it started in iowa. >> reporter: and trying to present herself as an alternative to the gun slinging texas governor. >> we need one strong hombre or hombre-ette and i'm the hombrette to go and stand for new washington, d.c. >> reporter: apparent front-runner mitt romney went head to head with rick perry in new hampshire where both governors cited their past economic successes. >> i spent my life in the real economy, i worked for 25 years. >> my actions as governor are helping create jobs in this country. >> reporter: as for the president he finished the week starting his vacation in martha's vineyard. and today we can expect more fireworks from michele bachmann and rick perry. both are taking their campaigns to the key battleground state of south carolina. >> whit johnson in washington for us thank you. we've been talking a lot about president obama's republican critics weighing in saying it's the wrong time for him to take a vacation. as he settles in the president is getting criticism from one group that was very supportive, leaders of the black community. wyatt anderson is traveling with the president and joins us this morning, good morning. >> reporter: good morning. the national unemployment rate you mentioned is 9.1% for african americans, it is 16%, and many black leaders are questioning the president's record on jobs plus after the president spoke to mostly lyly white audiences on his bus tour through iowa it adds to concerns. the concern was voiced publicly this week by democratic congresswoman maxine waters. >> we're supportive of the president but we want to give him every opportunity but our people are hurting. the unemployment is unconscionable. >> reporter: the unemployment for african americans was visible thursday when a mostly black crowd of thousands of the unemployed lined up in the georgia heat for a job fair sponsored by the congressional black caucus the snapshot of what the president called an unemployment black crisis. >> and so many african americans would love to see presidentby ma talk more about their community specifically, talk about their needs specifically and be engaged in their immediate communities. >> reporter: despite those complaints, the president still gets strong approval ratings from african-americans, 88%, a number 50 points higher than his approval among whites. to address the unemployment crisis, the president will work part-time on his vacation on the job creation pack annualage he will reveal in september. >> thanks. here's jeff glor at the news desk with another check of the headlines. >> good morning to you. nkt at least 40 people died at a bombing at a mosque in northwest pakistan it happened as hundreds gathered for friday prayers. at least 85 others were hurt there. twin suicide bombers at an attack in kabul as well. at least ten people were killed there. in libya, nato war planes struck again near moammar gadhafi's compound in tripoli. the libyan government insist this is morning it is winning, despite all evidence. anti-rebels of holding zawiyah. >> reporter: the impression that the government is giving is different than on the ground in zawiyah, the rebels brought in reinforcement in terms of people reinforcements in terms of armory and weaponry and ammunition. they're all digging in to what appears to be their last stand to try and take over martyr's square and certainly the impression we got when we were right in the heart of it was that they appear to have the upper hand and it was the gadhafi soldiers a few snipers holed up in a number of buildings in martyr's square having to defend themselves and trying to push back the rebels but it seemed to us very much then that the people of zawiyah are bolstered by extra fighters appeared to be vantsing ingadvancing on the gadhafi fighters appeared to have the upper hand they felt very confident, that they were making inroads and almost celebrating whilest we were there and feeling they had pushed back the army alex crawford. bank of america is reportedly cutting 3,500 jobs this quarter, restructuring as many as 10,000 jobs eliminated eventually, as many as 3.5% of the workforce. for the second time in a week severe weather caused a stage to collapse in belgium thursday a thunderstorm flattened tents and pulled a roof from a stage at a concert there. five people were killed and 540 hurt. sugarland performed at the new mexico last night, the band paused to remember those killed and hurt. >> in honor of those people wounded and the lives lost we ask to you stand and join in a moment of silence. ♪ >> sugarland is planning a private memorial for the victims. it is 15 minutes past the hour. marysol castro joins us with a first check of weather. >> good morning, everyone. severe weather here in the united states as well. the mid-atlantic and portions of the northeast saw some rain and some thunder and lightning, the same is in store up and down the i-95 corridor about an inch of rain is possible winds about 10 to 30 miles per hour. cheyenne ? thanks so much. that's your latest weather. erica and chris, good morning. >> good morning, happy friday. still ahead here this morning, does this look like a friendship tour? >> that snapshot not so much. georgetown university basketball players got in a big time brawl during what's supposed to be a goodwill game in china. what happened? stay with us. we'll tell you on "the early show." 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[ male announcer ] there's no time like beggin' time. sears' one day sale is saturday! get amazing savings throughout the store on appliances, tools, and electronics... ...with back to schools' lowest prices on clothes and all shoes on sale. sale preview is friday! the one day sale at sears. ♪ the rich aroma gets you up ♪ ♪ looking forward to your first cup ♪ morning! big day, huh? thank you. ♪ oh that mountain grown taste, ♪ ♪ just what you need ♪ ♪ for the big race. ♪ daughter: morning mom! are you excited? ♪ as you finish every mile... ♪ ♪ how rewarding are those smiles... ♪ [ cheers from the crowd ] ♪ the best part of wakin' up... ♪ mommy, you did it! ♪ is folgers in your cup. ♪ it was called a basketball friendship match. with friends like these, who needs enemies? georgetown university playing in china. >> here's celia hadden. >> reporter: the message generates goodwill this basketball game disintegrated into a boxing match. it's unclear what emptied both benches, the hoyas left the court. no physical injuries have been reported but a diplomatic fallout could be embarrassing. vice president joe biden attended a different hoyas game and the tournament was designed to enhance bilateral ties. perhaps it wasn't the best idea to schedule a friendly game with the official basketball squad of china's people liberation army. they're known for their aggressive tactics. there's among a saying when they play to win, they fight to win. the chinese basketball association has been known for fighting before. last october chinese players and coaches were fined $45,000 for beating up brazil's national team. chinese basketball fans could be the ones to pay the price for thursday's brawl. they're scheduled to meet again sunday although that game might be canceled. celia hatten cbs news beijing. >> big east is tough, too. >> note to self when i engage in friendly games don't do it with the army. still to come, hope for a missing mom. >> this portion of "the early show" brought to you by mercedes-benz. but hurry before this opportunity...disappears. the mercedes-benz summer event ends august 31st. -my toes know. -my shoulders know. 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[ female announcer ] welcome to busch gardens virginia where baltimore goes to get away. maybe it's because baltimore loves the legendary coasters. or that your entire family will have fun, even the little ones. it could be that water country usa has more of the waves, slides and rides everyone wants. so plan your getaway and come play. you never know who you'll run into. get started at buschgardens.com/va. we're going for a high of 88 degrees today. when there are showers and thunderstorms around, we'll think about 3:00 to 9:30. any time around this afternoon, there could be a shower in the western part of the viewing area. hi, there, marty, we were busy earlier, things have calmed down and one accident in hanover on ridge road. there's look at the speeds on the beltway. there's a live look at 97, south of the beltway. looking good there. no issues on the beltway. back to you. >> new clues are coming to light in the case of the missing frederick woman on aruba. >> reporter: police recovered gary giordano's camera and on it are pornographic pictures. the two met on a dating website. the investigators discovered a blood city hand print on rocks. it's not clear if it's connected to the case. according to the associated press. he took out a $1 million policy on gardner. overnight thunderstorms sparked three alarm fire in baltimore county on juliet lane in perry hall. investigators thought the lightning struck the building. half a million dollars in damages were sustained. the first case of west nile has been found this year. protect yourself by getting rid of any standing water around the home. and the wait for a highly anticipated grocery is making its way to maryland. stay with us, up next, why a bad economy is keeping some from starting families. and there's new developments in the case of a missing mom, susan powell. we'll have that coming up. and if you're planning the day and going to be away for a while, watch out for how well welcome back to "the early show." i'm chris wragge along with erica hill. coming up a surprising sudden end to a court fight in arkansas. the so-called west memphis three convicted of murdering three boys in 1993 could be set free as early as today. >> after spending 15 years in prison, they won a right to