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another recession. and adds new urgency to the political debate here in washington over new jobs initiatives. the dow jones industrial average was down just short of 420 points or 3.7%. the nasdaq down 5.2%. the s & p 500 down 4.5%. it is what drove the markets down that is again stoking recession fears. overseas more jitters as europe struggles to contain its debt crisis. here at home, data some see as evidence of a new downturn. weekly unemployment claims rose much more than expected. sales of existing homes dropped by 3.5% in july. analysts had been expecting a modest increase. th...

sales of existing homes dropped. and manufacturers had been expecting a modest increase. and inflation on consumer goods was up. add in collapsing consumer confidence and you get sober advice like this -- >> 2012 could be a very difficult year. i'm on the camp that we have more chance of being in recession than avoiding it. so, they should be conservative right now. their confidence should be down because there's every reason out there that they shouldn't feel confident. >> getting us started tonight our chief business correspondent ali velshi takes us behind the numbers. >> john, wh...

talking about cuts and specifically what's handed to em because of the debt ceiling deal reached earlier this week. initially they know they have to cut 350 million which more or less they are okay with and won't necessarily sacrifice our national security, but where the big question mark comes is if that committee can not decide on how they will make those additional cuts to equal around or about $1.2 trillion, they will have to cut hundreds of billions, 500 billion, 600 billion, 700 billion just to defense, and to quote, i want to get this precise for you, the defense secretary sai...

Shutdown simply ushers in the start of another. mike emanuel reports the battle lines are already being drawn over the next spending bill. >> president obama signed a two-week extension this afternoon and said in a paper statement he is pleased but washington cannot keep doing business this way. which is why mr. obama is proposing talks between congressional leaders and the white house team of vice president biden, chief of staff bill daley and budget director jack liu. spokesman jay carney says the hope is discussions will start soon and noted the white house has identified $8 billion in cuts...

Situation in libya which could result in a civil war that could be protracted, ugly, and also violent with a lot of people losing their lives. >> bill: all right. but when you make an accusation like kristol did and use the word dithering. you have got to then put forth what the president should have done, which is? >> well, for example, on wednesday, he was asked as a news conference his spokesperson was asked why isn't the administration speaking out against the violence and calling for an end to the regime in libya like our other allies are doing, like merkel in germany and others? and the ...