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steven moore and robert reich, labor secretary during the clinton administration. currently he's a professor of public policy at the university of california at berkeley and author of "aftershock, the next economy in america's future" now out in paper back. ali, what happened today? >> reporter: we had a situation where it's not just fear we were talking about. this was actual fact. we started this morning with slow bad markets out of europe. then before the markets opened we got this report from morgan stanley which talked about slow growth around the world, telling us things we alr...

central bank and the fed would have to get further involved in this economy. now, you know all week we've been talking about rick perry saying it would be treasonous for the fed to get involved. while his comments may have been misinformed it represents a view in america that fed should do no more work in stimulating this economy. so now we have investors saying we need more investment. you got the morgan stanley saying we do. and you've got a lot of people in america saying don't do it. so we're at an impasse. investors said let's get our money out of there. they put it into bonds a...

talking about. this was actual fact. we started this morning with slow bad markets out of europe. then before the markets opened we got this report from morgan stanley which talked about slow growth around the world, telling us things we already knew. but they said we're on the pr s precipice of a recession. they also cited errors in policy making here in the united states and in europe, and they said it's likely that european central bank and the fed would have to get further involved in this economy. now, you know all week we've been talking about rick perry saying it would be trea...

Stripped clean, broken off. every bit of wood was splintered, every bit of metal was bent and torn and officials are here are telling me that as they survey the damage, they can't believe that there was so widespreadomet widespread amount of damage, that they can't believe there weren't more tornados to deal with. >> it's a sparsely populated county, 700 square miles, a very, very rule account. if it had hit a more populated area, i would anticipate that there would have been more deaths. but 11 deaths are a whole lot of deaths. i don't want to minimize that. we've never seen anything like thi...

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