in the country this year. it spread overseas, rumors about it all day didn't happen until after the closing bell. there's the dow, down 2%. the big bank downgrades, including the biggest banks in europe, moody's saying that anybody with a lot of exposure to the credit markets, they were going to downgrade them. the banks one by one saying they disagree with the downgrades and some of the stocks are moving up a little bit. that's the bank part of it. banks are what pumps the oxygen through the financial system. when you have people worried talking about a slowing global economy, it caused all kinds of concerns. we're concerned about slowing numbers from china, from europe, from germany in particular. we had all kinds of macro economic data that was starting to show what many people feared that the global economy is slowing down. that means american factories are selling fewer things and american business owners are not hiring people because they are worried about the global slowdown and it feeds on itself. >> does that mean a double dip recession? >> we can't say there will be a double dip recession, we know that growth is slowing around the world and that is the big fear. we have other things going on, the fiscal cliff is looming, debt ceiling stuff will be coming up, political problems around the world. when there's prosperity, politics is not quite so dangerous. but when you don't have prosperi prosperity, the politics become that much more important. and so we've got some real issues in this country on the political front we need to address, the debt ceiling and all of the stuff coming up. >> all grounded in the economic front. >> so many things to worry about. i can make a list and maybe two things you don't have to worry about. that's where we are in the middle of the summer. >> we're going to talk about the bank downgrades and how they impact the november election when we're joined by randy forbes of virginia. our guest straight ahead. >> christine is back with other stories making headlines. >> soledad, a deadly siege at the ckabul hotel is over. sparking an overnight gun battle with afghan and nato troops in kab kabul. three security guards and security guard and three are dead. more than 40 civilians were rescued but it is feared others may be dead inside. the northeast is sizzling, temperatures will soar into the 90s for the third day in a row. people are fleeing to pools and beaches. alexandra steele joins us live. when will the heat end? >> the worst is over. this was the worse. the worst was yesterday, record breaking temperatures, baltimore, 100 degrees for you. washington, it was 99. new york, 98. the worst is over, kind of the pin cal of the heat was yesterday. today is a transitional day. we'll see a cold front move through, could see hail and maybe even a severe storm. but it will drop the temperature. the worst is over in terms of the highest heat. tomorrow and saturday temperatures drop in the 80s and upper 70s. by tuesday, places like albany, will flirt with just 70 degrees on tuesday. so the heat, the worst of it is over, temperatures cooling down on the back side of this cold front. you know what else is heating up? the tropics, getting open for business, area of low pressure disturbed area of low pressure in the gulf of mexico. it will take about 48 hours to really get organized. spaghetti models, not a big consensus on this. you can see kind of the dispa disparity in numbers. right now everybody open for business. from the texas gulf coast to florida. and we're going to watch this move in monday into tuesday. a few more days to keep an eye on it. flooding in minnesota is turning roads into rivers and keeping rescue crews busy. pulled to safety thursday in thompson, they were left stranded by flooding caused by the overflowing thompson reservoir. flooding has decimated the neighborhood. only one neighbor remains in his home, everyone else has fled to higher ground. president obama will speak at the huge gathering of hispanic lawmakers near orlando. his speech coming just one day after mitt romney addressed the gathering. he focused primarily on the economy and reminded voters to remember the promises and economic reality they now face. >> he may admit that he hasn't kept every promise and he'll probably say even though you aren't better off than four years ago, things could be worse. he'll imply you don't have an alternati alternative. i believe he's taking your vote for granted. suzanne malveaux is live. >> reporter: you might notice here this is not only going to be the largest gathering of hispanic policy makers but in the heart of disney world, so you might seen the monorail and space mountain. it is a mix of families and powerful people throughout the country waiting to hear for the president to speak later this morning. what we saw yesterday was real little a very enthusiastic crowd. but also very skeptical crowd. they wanted to hear what mitt romney had to say and he talked about the economy, talking about 11% unemployment for the hispanic community. 2 million hispanics now living in poverty but also took a swipe at president obama. his policy changed last week saying he would allow young adults meeting criteria to stay here in the united states despite their illegal immigrant status. mitt romney essentially saying it was a stop gap measure and it was temporary. we're going to hear president obama coming back and swinging hard and saying that he is doing something to at least address and fix this problem. the last time he was here was back in 2008 as a candidate. now he's trying to prove once again that he needs another four years and that he will be good for the hispanic community. very important words that are going to happen later this morning. christine? >> suzanne malveaux in florida. lebron james and heat are champions of the nba eliminating the oklahoma city thunder in five games with a 121-106 victory in miami. james capturing his first title along with mvp honors. we'll talk about lebron's achievement and what it means for his legacy. we're joined by mike and mike in the morning. >> i have been e-mailing people collecting on my debts that people owe me money and things. >> one dollar. >> i did a whole week of pay back from one person. a whole week. a week. >> let's make a list. >> i'm a good friend. >> christine, thank you for the update. our lead story fears of a double dip recession to talk about after moody's downgraded the credit rating of 15 banks, morgan stanley, bank of america, goldman sachs and citigroup. it's not clear how this is going to affect every day americans. republican congressman randy forbes is with us this morning. >> good to be with you. >> when you hear a double dip recession, do you think that's likely? she said it's too soon to tell. >> it's too soon to tell. when you travel around the country and listen to people hiring people and listen to you and i talk up here, they are saying nobody is listening to them. what they really need is to get the strangling regulations off their back and get more stability where we're not changing the rules from monday to friday every single week which is what they feel is happening. we need to get situations where they are not focused so much on the litigation that they have to do throughout the businesses so that they can have a fair level playing field to compete and get back in this economic game. until that happens, we're going to continue to see the fluctuations take place. >> you've been a proponent of less regulation and fewer taxes. how does that translate into more jobs and better economy regulation is what could have staved off a crisis in the first place. >> there's different kinds of regulation, one of the things you're hearing today, we need to step back and ask people investing the money, ask the people making the hiring decisions why they aren't doing it. if you just do that -- one of the things you have to see, this administration united them together because they are coming back across the country and telling us the same thing. we are not going to make investments if you have this huge health care big strangling small business around the country. we're not going to do it when every single day we're kicking business people in the teeth. until we get the guys back in the game and get them investing those moneys, we're going to continue to have this cycle cal thing. >> advised to tone down the state of florida's success and the report is it's coming out of the romney campaign. this is the dems accusing the republicans of rooting for a bad economy. that is not the first time something like has been charged. >> we're in a political season and hear all kinds of things. what you love to see is for the administration, three and a half years, just once for one of the failed policies, always have the same responses, either george bush made me do it or mean republicans. >> sometimes it is the mean republicans -- >> sometimes it is the mean democrats doing it to themselves. soledad, everybody wants this economy to grow and do well. i think the american people realize we've got to turn these policies around if we want to get the economy going again. >> mitt romney was speaking in front of the organization of latino leaders and he basically talked a little bit about his plans for immigration. he was very i thought vague and sketchy on some things but said there should be a clear path to citizenship for those in military service, green card preference for families living under one roof and visa program, strengthen border security. he didn't really talk about what everybody is talking about, which is the dream act, in quotes, kids. >> i think we need -- again, i think the governor said it well. we don't need a two-year bandaid on this. we need a comprehensive fix that will deal with the problem on a long-term basis. one of the things i was excited to hear about with the governor, he's going to put a lot of detail to his proposal. >> but he hasn't low on details. >> he's come out with a proposal six months before he's become president and president obama it has taken him three and a half years. where were his proposals in congress? >> his answer is will put in place a long-term solution that will super side -- >> i disagree. i think what he's talking about is the need for a permanent fix on a balanced approach where he looks at a couple of things. one, make sure we're enforcing the laws we have -- >> let's talk specifically about the dream act type kids. what he's saying on that front, i'm going to do something long term. you're saying something, something long term because this is a very vague paragraph. i can read it to you, it's vague. >> if you want me to respond, i'm happy to. one of things we hear all the time, i'm not hearing it in studios like this but from case work all across our constituent offices. people tell us one of the biggest problems they have is this inefficient administration to get the paperwork done. that's what people talk about. the second thing is this, he's talking about giving a path to sit zenship for people who serve in the united states service. >> i'm talking about the dream act kids. >> you want to talk about the things you feel -- but what i'm saying -- >> i hear you. >> what people are talking about, they want a balanced approach, don't want the band-aid approaches that the president walks in -- five months or four months before an election. >> what you're saying to me, what mitt romney's answer, i will put in place a long-term solution, right, kind of a vague, you have to admit that is very vague on this front. a long-term solution that replace and supersedes the president's temporary measure. that that is a better answer than what the president has done which is temporary but now put into effect. that's what you're arguing. >> when you talk about the vagueries of governor romney's talk, he has put down several pillars which are going to form the basis for a foundational approach to have a comprehensive solution. >> he said i will veet to the dm act. >> the other thing is people across the country are very concerned about is going to be getting this economy going because we don't have jobs for people. none of this will matter much anyway. people pretty much realize that governor romney will have a plan to do that. >> i have everybody yelling in my ear, we have to go. randy forbes, we would love to come back and continue this conversation xgt i appreciate having you. >> we'll be talking about it for a long time. >> it is and you know we will. still ahead on "starting point", looks like the decision turned out to be a good one. we're going to talk about the miami heat win. if you're addicted to twitter a. as i am a little bit, the get real will get you talking. it's viewer request friday today. this is from barbara hamilton's choice via facebook, good choice. you're watching "starting point." we have to take a break. fore! no matter what small business you are in, managing expenses seems to... get in the way. not anymore. ink, the small business card from chase introduces jot an on-the-go expense app made exclusively for ink customers. custom categorize your expenses anywhere. save time and get back to what you love. the latest innovation. only for ink customers. learn more at chase.com/ink where tonight we switched their steaks with walmart's choice premium steak. it's a steakover! it's flavorful. it's so juicy. the taste...it's fantastic. it's probably the best steak i've had. only one in five is good enough to be called walmart choice premium. tastes like a five star steak. tonight you were actually eating walmart steak. are you serious? wow. scrumdeliumcious. tomorrow will be the day i will buy walmart steaks. walmart choice premium steak in the black package. it's one hundred percent satisfaction guaranteed. try it and check us out on facebook. the heat crushed the oklahoma city thunder to win the nba finals in five games. lebron james with time still on the clock kind of unable to control his emotions last night as he jumped on the court and hugged his opponent, kevin durant. he earned another honor, mvp after he was also voted mvp of the regular season. mark green berg and marcellus wiley. i'm a heat fan and big lebron james fan too. why do you think at the end they were able to win? >> it's the corps nation of king james, that is the story of the finals and as far as why they are able to do it differently, lebron james looked like a different person. he said he learned a lot from the experience and pain from falling short last year. there was a lack of aggressiveness about him a year ago that he seems to have found now. >> lebron james showing pure joy for the game and going out there with a different mindset and feeling comfortable with himself. he went out there this year and let his desire manifest. you saw the result. >> he talked about an i am maturity, he said to nbc sports, last year i played to prove people wrong instead of playing my game and going out and having fun and playing a game that i grew up loving. i thought that was true. it looked like it was much more into it and into the whole thing this year. >> i think what happened was lebron james is someone who had been beloved his entire life. in the wake of quote/unquote the decision two years ago, he took on an unpopular role, the ultimate sports vil in. i think somebody in the recesses of his soul, he came to terms with the fact, i can't change that. i'm going to go out and play my game. >> just to have that ability to go out there and self-correct, not just your game but you, your personality, your mind set, you've got to give this guy respect for what he was able to do. now you saw him go out there and continue with that development and it resulted in him finally getting the monkey off his back and winning championship. >> as you know, he didn't just say he was going to win, two or tleel or four or five. he said seven. do you think that great game mvp means that people will forgive him and the whole decision thing will be past him? >> you know, i think there are some people who will never forgive him. i don't think he'll ever be especially popular in the city of cleveland again. if you look at quhaz out there on twitter, there will be always people to want to tear him down because they don't like the way he handle d everything and the team came tother. whether you respect him or not is irrelevant. you cannot help respect the game. >> exactly. most people will forgive but some people won't forget the decision. that's okay, you can cross another one off the list in the sense of lebron james saying look at my resume. i have a three time nba mvp and also a champion. those critics start to silent. >> i've got to tell you, i'm doing my victory lap around the newsroom today. mike and marcellus, joining me from mike and mike in the morning. nice to see you, thanks. let's talk about the game, shall we? will cain, are you leaving the set? >> i'm a man of my world first of all. >> i thought he might be leaving. >> what was it five? >> it was one. i'm very cheap, only bet a dollar at a time. >> six more coming to you. >> i know, yes. >> should lebron keep his promise to win seven titles. >> it's the will cain dollar. >> should have to sign. >> will was wrong. there was a first time for everything. >> how about yet again, will was wrong, is that what you mean? we're going to talk about this with our team this morning. will and margaret and ryan -- i almost called you liz at first. let's talk about twitter. oh, my god. >> there's nowhere to go -- >> talk about it on the other side of the break, twitter crashed for hours, the worst part you couldn't tweet about how you were not being able to tweet. it's our get real this morning. >> nobody is going to read that. >> this comes from twitter, a song request courtesy of administer aware, the climb by milely cyrus. we don't get a lot of miley cyrus requests on the show. [ shapiro ] at legalzoom, you can take care of virtually all your important legal matters in just minutes. now it's quicker and easier for you to start your business... protect your family... and launch your dreams. at legalzoom.com, we put the law on your side. welcome back, i'm christine romans, two of the central characteristics in the news of the world hacking scandal in court this morning. former chief executive re-bekah brooks and her husband charlie appearing for a preliminary hearing. accused of removing boxing of materials from the news international archive and trying to conceal evidence from scotland yard investigators. day two of deliberations about to start in two hours. a bombshell yesterday when sandusky's 33-year-old adopted son matt claimed he had been abused by sandusky. and was willing to testify about it in court. why did matt sandusky wait until now to make these allegations? we'll talk about that next in the next half when we're joined by noted friends and psychiatrist dr. michael welner. the coast guard now searching the waters off south florida for guma ago lar, the coast guard says the boat's engine and lights were still on. we'll speak to his mother here on "starting point." a real mystery in south florida. >> i'm looking forward to that interview, lots of questions about that. thanks, christine. let's introduce you to our team, margaret hoover is with us, we had a chance to spend time out of work. >> you did? >> we went to a reception. >> it was a reception honoring soledad's foundation. >> both drinking wine in the afternoon which makes for a rocky show. >> and washington correspondent for the new yorker -- almost called you liz o ryan. >> will cain had to hand over a dollar today because of a bet. >> careful now, you might have to answer questions. we have high unemployment numbers and people losing homes. there is one bright spot in the world tho