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>> hey, fredericka. the losses are holding steady. the dow down about 436 points. they're off their lows of this session where we saw the dow down as much as 500 points. this is coming after morgan stanley kind of set off an alarm bell saying that the u.s. and europe are looking like they're getting close to going into a recession. morgan stanley also downgrading its growth forecast globally for this year and next. also not helping we got a bunch of economic reports here in the u.s. one on jobless claims showing a rise in jobless claims, the jobs area something that this economy real...

we'll begin with the breaking news, all of us with money in the stock market, we're just catching our breath and now this, another big selloff on wall street. all three major indices way down at the closing bell. the dow losing a hefty 419 points. it's the fourth biggest slide for the dow in a month of big losses. the dow has plunged 1152 points so far this august. that's a drop 9.5%. and the month isn't even over yet. let's turn to cnn's richard quest. he's following what's going on. a lot of traders on wall street, richard, they're blaming what's happening where you are in europe f...

proposal that my sources tell me will have specifics in a way his critics have been calling for. so according to my sources it will be actual legislation. that is real detail. until the package will be new initiatives not a rehash of the policies we've been hearing him promoting recently like patent reform or an infrastructure bank. my sources say there'll be proposals in three main categories, targeted tax cuts, another big one for the white house is new infrastructure investment, and then long-term help for the unemployed. i should point out this is all being worked out right now. ...

europeans and the americans might have to have more central bank intervention into the markets and also said that there have been policy decisions in europe and the united states that have been poor, and then on top of that, that was enough. that was already bad, brooke. then we got some economic reports right here in the united states. slowdown in housing, slowdown in manufacturing, and, you know, not a great report about new jobless claims. basically it all piled on. people ran out of stocks and back into -- into, you know, safer investments, but, really, it all started in europe. ...

dealing with our debt crisis they're wrong. they're wrong. we can't afford to just do one or the other, we have to do both. >> president will roll out the entire job growth proposal early next month in a speech. it will probably be a combo platter of tax cuts, investments in infrastructure and long-term health for the unemployed. what will governor rick perry say today? you know you're dying to find out. he's not backing down about his treason comments about fed chair ben bernanke. he says the fed should be audited. >> i think we're seeing it almost weekly or even daily, scientists...