gulf of mexico. residents of mississippi and louisiana got short notice warnings today. get ready for tropical storm lee to hit this weekend. it may not be as powerful as a hurricane, but it s moving at a crawl, which means new orleans canals and levees will be tested by a prolonged rain. up to 15 inches or more are expected plus a storm surge. we ll get a live update on storm preparations in a few minutes. but first, today s stunner from the labor department, the country saw a net gain of no jobs in august. plus no change in the unemployment rate still 9.1%. it is the worst jobses report in a year. wall street crater, the do you industrial, s & p 500 and nasdaq all lost more than 2% today. president obama didn t even try to put a positive spin on the news. no on-camera statement, not even a written one. we did catch one clims of him today as he left for camp david without even turning to wave good by. with us now, the president s former economic advisor, christina roamer