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Crisis in japan. that's according to jeffrey sachs there. let's get a little more short-term now. a close look at what's happening, kirby, first of all, japan has been something of a darling in the international markets over the past few months. when you see this sort of panic selling, do you think this reaction -- what many would say knee-jerk reaction is actually overdone? >> it's hard to tell. what would be the right level? 8,200? 8,500, 9,000? we need time to assess. this is what i would call nuclear selling. it's simple. it's because of the nuclear, the unknown of the nuclear situation. a...

>> japan's nuclear crisis is also sure to echo on capitol hill. this is a meeting of the senate energy committee, which helps set the national policy on nuclear power with so many alarming developments now unfolding at japan's damaged nuclear plant, the topic is almost certain to prompt discussion here. we'll keep our ears open for you. the disaster in japan has thundered around the world and rattled investors. the nikkei index plunged. alison kosik, what's happening now? >> carol, we're about 40 minutes into the trading day, already the dow industrials down 254 points. pretty much wiped out...

Buckle up. the first minute of trading the dow industrials down 184 points and analysts say what you're seeing is the u.s. market pricing in the worst case scenario with japan's cries with loss of life and affects of radiation on the economy. this become a global crisis and not just a disaster confined to japan. in the world markets, japan's nikkei fell almost 11% on tuesday. that is 17% in just two days. almost every sector is being hammered. i'm talking about electric companies, nuclear power companies, automakers, tech companies, exporters. major markets in shanghai and hong kong fell overn...

With you yes can we give this a name at this point i mean what are you hearing there if it's not a crash is that a correction or is it a curve ball that investors have to try to hit. technically it's a correction and nobody here is talking about a crash or any panic selling and we would need to drop fifteen twenty percent of probably to talk about a question or something like that but nobody uses this word over here at this point and then what about the rest of the world and what does this look like. well it doesn't look good at the moment i mean as you said asian markets down european markets...

Like what they see. they think d.c. is playing politics with the nation's financial future. you are right, some people were expecting what i would call panic selling when things opened up this monday morning. that probably not going to happen. the dow industrials will open maybe 100 lower. there has almost been panic tbhieg gold. we have a new all-time price. bill: you remember the days west was well below $300. asia is selling off by half a percentage point. that's not a big deal. a lot of that is tied to greece and not what's happening in washington, is it not? >> reporter: let's put this in...