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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 comme ....
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 may have been misinformed it represents a view in america that fed should do no more work in stimulating this economy. so now we have investors saying we need more investment. you got the morgan stanley saying we do. and you ve got a lot of people in america saying don t do it. so we re at an impasse. investors said let s get our money out of there. they put it into bonds and into gold. the nikkei down 2% on opening. robert, i know you say look at unemployment more than you look at the dow. but when people s retirements are tied up in this roller coaster and every day it s up and down hundreds of points, what should people be thinking? anderson, obviously right now we have a jobs and wages and growth crisis. and not a debt crisis. and until we actually get ....
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 pr s 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 may have been misinformed it represents a view in america that fed should do no more work in stimulating this economy. so now we have investors saying we need more investment. you got the morgan stanley saying we do. and you ve got a lot of people in america saying don t do it. so we re at an impasse. investors said let s get our money o ....