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The largest since november of 2008, three years ago, and on the year the dow was off more than 16 percent from its closing high, that was back in april, around 12,800. some say bear market, we're there. martha: boy, you know, we'll see what happens. we've got about 20 minutes before the market opens up, but it is looking starkly lower this morning, and that is just some of the stuff we're keeping on top of for you today in "america's newsroom", and also, there is this. pilots, beware, you've got that dangerous space junk, the size of a bus, as you've been hearing throughout the course of this ...

of the turmoil on wall street has been triggered by fears over the european debt crisis and the anemic economies. and richard quest, one of the best people to turn to when we want perspective on the global economy. he joins us from london. what happened in the european markets today? >> reporter: the europeans went down initially and then down further and they rallied with wall street. we closed down 1% in london, and paris 1%, and frankfurt, once again the german market is being creamed by what is happening at the moment, by far and away being breutally attacked. and the german indu...

Considering. >> sounds very difficult. the flight recorders, the black boxes, have been under water since june of 2009. will they even work anymore? >> well, they are not working, no, because a black box has a battery life of 21 days. so you have that amount of time to find a signal to locate the box. so they are kind of in a situation where they are searching for a needle in a hey stack. they have to physically look for it. it could be damaged, embedded in the sand. it is like 12,800 feet under water. it is going to be tough. >> zain verjee, live in london, many thanks. there may be a power...

Kim was suggesting is ultimately going to get shafted. you know, how much the pbgc, pays out the fund to an individual, 12,800, a thousand dollars a month. now, casey is saying he's going to raise it to 21,000 if he gets away with it. this is a terrible deal. >> paul: it's a terrible deal for the current pensioners expecting to get a lot more money than that if these pensions aren't thrown on the lap of the government. >> right. >> paul: why would the unions be supportive of this? >> because the unions like to control-- the power to control these pensions. it's, you know, it allows the union l...

Politics. these union retirees, which as kim was suggesting is ultimately going to get shafted. you know, how much the pbgc, pays out the fund to an individual, 12,800, a thousand dollars a month. now, casey is saying he's going to raise it to 21,000 if he gets away with it. this is a terrible deal. >> paul: it's a terrible deal for the current pensioners expecting to get a lot more money than that if these pensions aren't thrown on the lap of the government. >> right. >> paul: why would the unions be supportive of this? >> because the unions like to control-- the power to control these pensio...