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the sickening scene of violence and looting. and one party is paying a bigger price over the showdown over the regular debt. stand by on whether members deserve to even be re-elected. i'm wolf blitzer, you're in "the situation room." wall street following big gains after some of its biggest losses of the year. the s&p and nasdaq also rebounded. the dow on a roller coaster all day after the federal reserve's afternoon announcement about interest rates and future economic conditions. lit's bring in poppy harlow. it was wild. >> swings of 600 points. some of them hundreds of points wi...

points. that continues to fluctuate. coming up in a couple of minutes. i'll speak live with the man who ran the government's bank bailout a couple of years ago. by the way, he agrees with the downgrading of the u.s. credit rating. don't miss that conversation with him here. i do want to begin with this. the commander in chief of the u.s. armed forces is at dover air force base in delaware right now. president obama is attending the dignified transfer, right there, that's what the military calls the movement of war fatalities from the place they died back to american soil. those who...

a meaningful handle on the deficits and the debt. now comes of course the federal reserve. we have ben bernanke here, which has used every tool in its box to keep credit flowing and interest rates low in the wake of the great recession. at 2:15 eastern, a little over an hour from now, the fed will tell us what if anything it plans to do in the wake of the downgrade, the debt snafu, the european debt snafu and the global stock freak-outs. in the meantime, i want to bring in richard quest, just outside the new york stock exchange, and christine romans in our new york studios. i would l...

bank, their equivalent of ben bernanke gave a speech had morning and they said their economic growth is slowing, and traders took it as a note to say things are more serious than we thought. you combine that with the fact that the japanese central bank intervened to prop the yen up, and there's a fear that everybody is doing badly and nobody is there to pick up the slack. basically is that what is happening. money is coming out of the stocks. when you see that happening, it comes out of commodities or gold. people are taking their money out of the stock market and gold, and oil, and ...

>> oh, i had many loves. >> and, of course, her charlie. >> i'm way too old for him now. >> this is "piers morgan tonight." good evening. anybody watching the debt vote in the house monday night had to have been extraordinarily moved by that remarkable emotional moment when congresswoman gabrielle giffords walked out on the floor to cast her first vote since an assassination attempt nearly killed her back in january. joining me now is a man who's had his own brush with death, abc news' bob woodruff. he's got a primetime "nightline" special on her and other near death experiences to...