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another recession. and adds new urgency to the political debate here in washington over new jobs initiatives. the dow jones industrial average was down just short of 420 points or 3.7%. the nasdaq down 5.2%. the s & p 500 down 4.5%. it is what drove the markets down that is again stoking recession fears. overseas more jitters as europe struggles to contain its debt crisis. here at home, data some see as evidence of a new downturn. weekly unemployment claims rose much more than expected. sales of existing homes dropped by 3.5% in july. analysts had been expecting a modest increase. th...

here, that arrow just refuses to turn green. the s&p lost more than 4%. the nasdaq sank more than that to 5%. it sank 5%. so what has rattled the markets this time? it's a combo platter of bad news, jobless claims are up, existing home sales are down. consumer prices are up and the plfrg industry has gotten weaker. no wonder a top economic adviser is flying to martha's vineyard next week to help president obama with his job proposal. then there was this report from morgan stanley, not paint ag pretty picture for the united states or europe. brace yourself. you're about to hear the ...

sales of existing homes dropped. and manufacturers had been expecting a modest increase. and inflation on consumer goods was up. add in collapsing consumer confidence and you get sober advice like this -- >> 2012 could be a very difficult year. i'm on the camp that we have more chance of being in recession than avoiding it. so, they should be conservative right now. their confidence should be down because there's every reason out there that they shouldn't feel confident. >> getting us started tonight our chief business correspondent ali velshi takes us behind the numbers. >> john, wh...