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down 9 1/2%. so what happens next? and is your money safe? these are the questions for legal ber and ali velshi. ill start with you with the usual entreaty. what is going on, ali? >> the french economy, actually no growth in the quarter. global economies are slowing down. were dangerously close to a recession. we may need more intervention from the european bank and more from the fed. youve been talking about this piers, that rick perry said we cant have more intervention. if the fed i...

with the usual. what is going on, ali? >> look, we started off the day this morning with a rough night in asia. european markets on news that, you know, the german economy, the strongest in europe has weakened to almost a stall, the french economy, absolutely no growth in the quarter. that took u.s. markets downright off the top. but before that, more than 12 hours ago, we got a report from morgan stanley to say what weve all been saying, global economies are slowing down, that they we...

with the usual. what is going on, ali? >> look, we started off the day this morning with a rough night in asia. european markets on news that, you know, the german economy, the strongest in europe has weakened to almost a stall, the french economy, absolutely no growth in the quarter. that took u.s. markets downright off the top. but before that, more than 12 hours ago, we got a report from morgan stanley to say what weve all been saying, global economies are slowing down, that they we...

fewer americans filed first-time jobless claims last week. the labor department says that it got 395,000 initial claims. thats a drop of 7,000. it is the first time the number dipped below 400,000 since early april. united nations says that the drought ravaging the horn of africa has not peaked. that means a long-term threat of famine. the u.n. says 12 million people, if you can believe that, are at risk. desperately needs more than a billion dollars to feed them. musician and activist...

Later, again, there was a deal on the table to save the economy. this time congress voted yes and the markets reacted exactly the same way. >> weve got about ten minutes to go here before the closing bell and its a bit of a blood bath. dow down 257 points. >> maybe wall streets sending a signal to washington. >> yeah. >> today after congress voted to raise the countrys debt ceiling and thereby avoid catastrophic national default, the market fell off a cliff. the dow lost 265 points, its eighth c...

That the pain at the pump will not keep us at home during the holiday. >> reporter: but in much of the country, drivers are paying well over $4 a gallon. from the east. >> yes, driving less and consolidating trips. >> reporter: to the west. >> its outrageous. i have never imagined it could get this bad. >> reporter: its a enough of a pain in the tank that sterling resorts in florida will pay for your gas if you book a stay. >> they can just get in their car, come down, keep a receipt. give that ...

Pain in the tank that stirling resorts in florida will pay for your gas if you book a stay. >> they can get in their car, come on down, keep a receipt, give that to us and well pay for their gas. >> reporter: as youre booking your summer vacation -- >> checking in? >> reporter: -- if gas prices dont keep you grounded, jet fuel prices may. summer airfares are the highest since 2008. the typical july airfare is up $30 to $60 from last year. new york to chicago will cost you $257, up from $226 a ye...

>> they can just get in their car, come down, keep a receipt, give that to us, and well pay for your gas. >> reporter: as youre booking your summer vacation, if gas prices dont keep you grounded, jet fuel prices may. theircompare.com reports summer airfares are the highest since 2008. the typical july airfare is up $30 to $60 from last year. new york to chicago will cost you $257. up from $226 a year ago. detroit to denver, $295, up from $268. d.c. to los angeles, $410 this year. up from $367 ju...

Cloetz the mississippi in baton rouge. back to you. >> janet, thank you very much. lets get a check on the forecast from nbc meteorologist bill cakarins. good saturday morning. >> good saturday morning. severe weather, big problems in p april, records breaking tornadoes in april. now weve gone through may, its been eerily quiet. yesterday we had one report of a tornado, no real damage. numerous reports of hail and a little wind. but its the tornadoes and lack of them thats been very surprising...

Reports in may. we havent had any big ones either. typically this is our worst tornado month, usually averaging 257. so were going to be well below that it appears. really no big severe outbreaks on the way. we have a storm system bringing some cool, chilly rain, apologies to montana, north dakota, and minnesota and iowa today. not the nicest of saturdays. unfortunately, your sunday is going to be similar. heres your forecast. beautiful weather, want to talk about gorgeous from d.c. through the ...