good morning to you. it is thursday, august 11 now. this is "american morning." lot going on today. let's get right to it, folks. >> good morning, good morning. so much for comeback. haven't seen these kind of wild swings on wall street since the darkest days of the financial meltdown. the dow diving 520 points yesterday. this time fueled by fears or at least triggered by fears. that france is on a verge of a credit downgrade. every day it seems to be something new trying terg sell-off or the buying. that's because this is a global economy. your investments feel it here. wild swings. take a look at the week. monday the dow dropped 635 points. tuesday, it rebounded. picking up 430 points. yesterday the dow took it all back and then some with a drop of 520 points. drop of the s&p 500 has a percentage was greater. >> well, far from over, too. because this morning u.s. futures are weighing up and that had asian losses at a minimum. nikkei and shanghai closed down. markets in germany and france are in positive territory. >> let's get more of what we can expect. felicia taylor who has been covering all of this. i read the analysis of the biggest mutual funds. funds we all have in our 401-ks. >> if you are a holder of stocks for the long term this is the place to get in. there is no question about it. actually, you know, futures backed off a little bit. so there's nervousness in the marketplace. uncertainty. we are not going to get away from that. between haven't stepped away from the fundamentals. we have to keep looking at the economy and where we are heading and that's the problem. we haven't had any leadership in washington. >> but nobody has any money to invest. some americans do. christine was talking about it earlier. most people don't have the thousand bucks in case of an emergency saved up. most of america probably feels powerless looking at these wild market swings because there really isn't anything they can do or can they benefit from that? >> americans ha-- some american have been disciplined enough to squirrel the money away while they haven't been look. >> the stock market matters because what's happening in the stock market, confidence for business that's hire. what you can be seeing happening around -- >> exactly. i mean, this is exactly the point. i mean, if there is no confidence in the marketplace, there's no confidence in corporate america. that's a problem. corporate america is going to feed off of that. and that's what's going to help job opportunities. so that's where you need to seize confidence. that's the problem. if we don't have some kind of leadership and i'm going to go back to this point which i made a couple of points ago, frankly, you have got the french president coming back from his vacation. you've got the english prime minister coming back from his vacation. where's our president? i mean, frankly, it is enough. you need to have leadership in washington to start directing the ship. if we don't get that any time soon, where's the market going to go? they have no direction. we have heard from the federal reserve. we heard from the people that matter at this point. now we need to hear from the people that are sitting in washington directing this. >> the president met with ben bernanke, fed chief. >> but there was no message! there was nothing. >> a press release -- >> we met together. >> and talked about the economy jobs and jobs. we talked about the economy and jobs. >> you and i are talking about it. >> i will say one thing about your point of sitting on your hands as a regular investor. the professional investors, fund managers, hedge fund managers, compete against each other on a daily basis. that's very different than the goals of average people set. it just -- just because this is happening and driven by professional investors does not men that should be the same position you make. >> try that again. >> i don't have to mention my 401(k) on a daily basis. >> there is nothing the average person can do but sit back and watch. >> if you really piled up on gold and had 30% of your porl feet yo in gold, you may want to buy some of the that are deeply discounted. >> to give reassure nance the marketplace we are talking about the united states. these still are our companies that have great value. don't forget we had good corporate earnings and we are going to con to see good corporate earnings. there is value in the united states. there is no reason that people can't invest in treasuries that -- and gold is still a safe haven. >> can't afford to buy gold. >> you would be surprised. there are companies buying and storing gold for people for regular investors. >> the etfs. >> you don't have to buy gold bouillon. you can buy the etfs. >> oh, carol. >> you can school her during the break. >> we are waiting to find out who the final three democratic choices are going to be for the new congressional super committee. those picks will be made by nancy pelosi. she has until tuesday to announce her decision. i don't know if he have l take the entire time. 12-member panel began taking shape this past tuesday. senate majority leader harry reid selected patty murray of washington. baucus of montana. john kerry of massachusetts. yesterday on the gop side, house speaker john boehner chose congressman jeff henserley of texas. mitch mcconnell set up kyle of arizona. pat toomey of pennsylvania. rob portman of ohio. we will be talking to pat toomey later in the show. >> once the committee set they have to agree on $5.5 trillion of spending cuts within 90 days. john avalon is not sure they will be able to accomplish that. he believes congress is up to the usual tricks based on picks. he will explain when he joins us at 7:30 eastern. 8:00 eastern, we will be joined by one of the new super committee members, republican senator pat toomey of pennsylvania will ask where he sees room for compromise when it comes to raising revenues. >> also new, payback in afghanistan. u.s. officials say a precision air strike killed the taliban leader and insurgent who shot down a military helicopter last weekend. 30 americans and eight afghans died in that chopper crash. the pentagon now says that 17 of the victims were navy s.e.a.l.s. not 22 as previously reported. the pentagon now says that the names of all 30 u.s. service members killed will be released as soon as today. a jerry rigged bomb tied to a gas line in rural oklahoma. the fbi and bomb squad actually used a water cannon to take the device out before it exploded. the cooked-up bomb had a windup clock with a propane -- propane and black powder. it is now in an fbi lab. >> london's top police spokesman is now on extended leave as the news corp hacking scandal grows. looking into possible misconduct. his ties to former "news of the world" executives. staff of the paper accused of hacking into thousands of people's echlts mail, slug celebrities, politicians. yesterday the ceo rupert murdoch said this was isolated to "news of the world." we are a big company, globe am brand. his personal wealth has taken a big hit with that stock being slammed. >> president obama hosting his third iftar dinner last night marking the end of ramadan. 100 guests on hand including two muslim american congressmen, two muslim american nfl players, israel's ambassador to the united states. now is your chance to talk back on one of the big stories of the day. the question this morning, does hollywood making an bin laden movie warrant a congressional investigation? the question, like everything else, has become a political hot potato. the sad thing, since osama bin laden's death was so unifying. >> tonight i can report to the american people and to the world that the united states has conducted an operation that killed osama bin laden. >> i mean, remember the people celebrated? it was a secret mission that played out like a hollywood movie. don't you know it, it will be released in october of 2012. just ahead of the november elections. republican representative peter king is outrage. >> talking about information that could put american lives at risk. what the administration has done. >> he's calling for a congressional investigation to find out if hollywood is getting special access to classified information. the white house says "please." >> first of all the claims are ridiculous. when people, including you, in this room are working on articles, books, documentaries, movies that involve the president p. ask to speak to administration officials we do our best to accommodate them to make sure the facts ring correct. >> it is not like the white house is giving hollywood permission to use the bin laden death photos or video of him being buried at sea. for those keeping score, it has been three months since bin laden was killed and come 2012, it will be opening at a theater near you. >> the question this morning, does hollywood making a bin laden movie warrant a congressional investigation? facebook.com/americanmorning. i will read your comments. >> leo mccarthy-like. >> hasn't -- >> don't you think? >> pentagon has been working with movies since world war ii, you know, on continuity. >> peter king makes stuff up all the time. peter king, when had says just -- because he says something was wrong doesn't mean it is. peter king needs to get into the habit of putting the evidence out in front and then talking about it as opposed to saying did washington release secret information? just because peter king woke up in the morningis and and thinks it happened does not mean it happened. i like peter king he has been very helpful. >> usually it is -- it is the government trying to make sure that it has control over what's going on with something going on. i think even the "hunt for red october" they had to scrub interiors of the movie set to make sure nothing that looked like classified information could go out on the air. you think about all those kinds of movies the government is involved. >> if you are listening, call in. >> coming up on "american morning," order in the streets. police in britain restoring calm after four days of rioting in london and beyond. parliament about to hold a debate on the crisis in an emergency session. >> massive hunt suspect that outweighed and outmaneuvered washington cops. >> tiger woods tees off today in the pga championship. we are live in georgia with a look just ahead. 12 minutes past the hour. 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[ female announcer ] nourish plus. only from aveeno. for softer, stronger... ... hair with life. naturals from delicious, real ingredients with no artificial flavors or preservatives. naturals from purina cat chow. share a better life. a vacation on a budget with expedia. make it work. booking a flight by itself is an uh-oh. see if we can "stitch" together a better deal. that's a hint, antoine. ooh! see what anandra did? booking your flight and hotel at the same time gets you prices hotels and airlines won't let expedia show separately. book it. major wow factor! where you book matters. expedia. personal pricing now on brakes. tell us what you want to pay. we do our best to make that work. deal! my money. my choice. my meineke. there is a tense dmaum london this morning. a massive police presence restoring order after four days of rioting began in the capital and spread to cities across britain. violence and looting resulting in four deaths. cnn's max foster is live in london. max? >> reporter: yes. big, big test of david cameron today. it feels like a calm after the storm here in the united kingdom. the other night it was a lot calmer across the u.k. people be bewildered. david cameron will address that in parliament. they have been brought back from holiday to debate this issue today. fundamental question is -- is david cameron right to say there are pockets of british society that are sick? in a way lots of people suggesting he is writing off the pockets of society. is there a fundamental problem with british society? sit fundamentally broken? that's the big debate here. the backdrop here as well, as you know, wall street has been affected by this austerity cuts across europe. european economy in a terrible state. there have to be cutbacks. one of the areas the british government is planning to cutback on is the police service. billions of dollars worth of cuts there. can he justify that, christine, after these riots? it is a big, big question. >> max, another big question is just why? i'm sure that your friends in and colleagues are answer thing question. we here are looking at america's best friend and -- an ally picking up the pieces and picking through the wreckage. we don't know why. hearing a lot of discussion, particularly among economists that say you look at the kids who are rioting and you hear the complaint about austerity or the jobs market. but aren't they too young to really feel it? is that an excuse? can we blame the economy for this? >> reporter: multilayers is what everyone says about this. if you want the simplistic arguments they are there. extreme left. it will be extreme right. people talking about parenting and being a problem. lot of these areas. do you have absent parents, working parents full time. do you have problem was joblessness. and literacy. there is a link there because you have those problems in the areas where these riots are taking place. the extreme left, you are having a situation where they are blaming the austerity cuts over time. cutbacks for a fundamental problem in the society. the other end of the scale you have people suggesting actually the liberal policy agenda in this country is the problem. it has been too soft on crime. we should have been tougher a lot sooner. who will win that debate? there are lots in the middle groun ground. it will be interesting to see how david cameron does. >> great analysis. multilayered is great way to look at it and i think, max, thank you. it is interesting that both extremes are using this to further their own -- that sounds familiar. >> no. >> interesting analysis. >> i was watching "wakeup call" this morning and could not get my eyes off of this video. police have to deal with a lot of bull sometimes but in washington state a couple thousand pounds. this bull, like a real one, eluded police for a half hour. why is there ball in the street? charged a couple of folks that were unlucky enough to be on the road. eventually they called in the cowboys. they were actual cowboys that were able to lasso the big guy from the hood of the parole car. weird. >> i love that. >> come on. >> i actually have lassoed a cow. >> have you really? >> yes. it is fun. >> i envy those cowboys. rob marciano, i'm sure you lassoed a few bulls or two. >> reporter: good morning, guys. sorry. missed that part but i saw a bull or heard about a bull running across the screen. i can just imagine. we are live at the pga championship north of atlanta, georgia. final major of the year. and yesterday we told you and showed you just what it takes to get this golf course into shape. and -- a little bit of news this morning. yesterday was a phenomenal day yesterday with low dew points. late in the evening when they were cutting the greens on 14th and 17th specifically some of the equipment in and one of the mowers dmug the green a-- dug i green and did some damage. i spoke to the man in charge. he says the only thing he can figure out there was a jump in dew point and moistures came up a little bit late in the day. that may have to have hing? to do with it. we assured that damage has been repaired. we will check it out later today. he's always going -- heat will always be an issue. talk about the pga championship. especially when it is this far south. and all of the marquee players were in the press tank yesterday giving their interviews and -- press conferences. tiger and rory being two highlights of the day. they both spoke about the heat. >> hotter at home. this is -- this is nice. it is not so hot here. i'm looking forward to it. i had a nice tournament at tulsa when i was -- you know, over 110 that week. hopefully this will be a similar success. >> major championships are long enough weeks anyway with everything that's going on. so -- you know, add in the extra heat as well, you just have to be very careful. you know, your practice and make sure you don't overdo it leading into the tournament. then when you are on the course just making sure you are taking plenty of fluids onboard. >> reporter: there you go. to the marquee players. tiger living in florida. little bit more used to the heat. rory from northern ireland maybe not so much. low levels of humidity yesterday. an unusual day in atlanta in august. today and tomorrow and going forward i think we will get back to more in the way of humidity. here is the forecast. today, first round of play. culminating sunday, of course. 95 to 96 degrees is what we expect for a high temperature. we inincrease the chancrease th chances of showers. going forward, same deal. lesser chances tomorrow. saturday and sunday we have a front that's trying to come through. that may increase the chances for rain at that time. tiger tees off around 8:30. as you know, he's looking for -- still looking for a full-time caddie. i put in my caplication. at that press conference he did not announce that i got the job. we will keep you posted on that. >> i thought you were our full-time weather caddie. how do we get by without our weather caddie? >> reporter: these guys work weekends. i can moonlight. no problem. >> we will see new a little while when the sun comes up. coming up on this "american morning," can raw sewage save a texas town running out of drinking water? you heard me right. >> that sounds disgusting. >> we will tell you about that. >> u.s. army soldier just back from afghanistan finds a unique way to break the news to his wife. a happy story. 22 minutes past the hour. ♪ ♪ [ male announcer ] more people are leaving bmw, mercedes, and lexus for audi than ever before. ♪ experience the summer of audi event and get over 130 channels of siriusxm satellite radio for three months at no charge. and get over 130 channels of siriusxm satellite radio [ cat meows ] ♪ [ acoustic guitar: pop ] [ woman ] ♪ i just want to be okay ks ] ♪ be okay, be okay ♪ i just want to be okay today - ♪ i just want to know today - [ whistles ] ♪ know today, know today - [ cat meows ] - ♪ know that maybe i will be okay ♪ [ chimes ] travelers can help you protect the things you care about... and save money with multi-policy discounts. are you getting the coverage you need... and the discounts you deserve? 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[ male announcer ] flick, stack, and move between active apps seamlessly. only on the new hp touchpad with webos. it has been a roller coaster week on wall street. markets closed sharply lower yesterday. the dow and s&p 500 both dropped about 4.5%. nasdaq fell about 4%. stocks tanked in part over renewed concerns that europe's debt cries sis spreading. this time to france. french president sarkozy came off his summer vacation and called an emergency meeting about that country's budget and finances yesterday. markets took a hit sparked by concern the country could lose its aaa rating because of debt problems. france hassing a second largest economy in europe. sum stock futures are trading higher ahead of the opening bell. pointing to a higher open this morning but investors are bracing for another choppy session to