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for the "wall street journal" and david gergen. what was behind the selloff, er? >> i was talking to a few investors today what ben bernanke said yesterday, anderson what is the market expected him to same we know things are weak we know europe is a very severe issue but him saying it, even though they knew he was going to say it makes people more worried, people are kind of looking for nothing hold on to, maybe for a little bit of hope, why you see this people are saying this is a rather dramatic selloff and might see stablization that isn't the same thing as saying we aren't in a r...

saying it, even though they knew he was going to say it makes people more worried, people are kind of looking for nothing hold on to, maybe for a little bit of hope, why you see this people are saying this is a rather dramatic selloff and might see stabilization that isn't the same thing as saying we aren't in a real economic problem. we know that we are. >> and steven, seems like the markets were also underwhelmed by the by the fed's latest moves to kick start the economy. is there anything at this point that policymakers can do to raise expectations? >> certainly not the fed. ander...

up the east coast all the way to canada. this is a huge storm, folks. just check out the view from the international space station. we're all over irene, where it is, where it's going. we've got jim spellman riding out the storm in the bahamas. john zarrella is in wrightsville beach, north carolina, and jacqui jeras here in the hurricane headquarters. jim, let's start with you. what's the situation there? >> reporter: good morning. the winds have been blowing like this for hours now. about an hour and a half ago they really picked up a lot. you can see the sea is being blown over the...

good morning to you. it is thursday, august 11 now. this is "american morning." lot going on today. let's get right to it, folks. >> good morning, good morning. so much for comeback. haven't seen these kind of wild swings on wall street since the darkest days of the financial meltdown. the dow diving 520 points yesterday. this time fueled by fears or at least triggered by fears. that france is on a verge of a credit downgrade. every day it seems to be something new trying terg sell-off or the buying. that's because this is a global economy. your investments feel it here. wild swings....

at least for the moment. stocks bounced back in early trading today, after monday's 634-point plunge. right now, dow blue chips are up by 201 points. investors are psyched over today's fed meeting, and there's speculation it might announce a new stimulus. to boost the economy. president obama sits down with treasury secretary timothy geithner. that's happening this afternoon. they're going to size out the new market turmoil that is fearing -- that is fully feeding fear of double-dip recession. the president is promising to help a special congressional commission find a long-term fi...