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your financial security depends on your job and americans are looking to washington for answers. welcome to "your $$$$$." president obama saying this week that he'll announce a new jobs initiative in september. john king is cnn's chief national correspondent. americans need help now. the president apparently is going to offer something next month. what's the delay? >> next month because the president says he wants to talk to his economic advisers. they're reaching out to ceos. the white house says this will not be a repackaging of things the president has put on the table. ali, you k...

that he'll announce a new jobs initiative in september. john king is cnn's chief national correspondent. americans need help now. the president apparently is going to offer something next month. >> next month because the president says he wants to talk to his economic advisers. they're reaching out to ceos. the white house says this will not be a repackaging of things the president has put on the table. extending the payroll tax cut, which the administration says hope to create jobs, extending unemployment insurance for people out there frustrated and can't find a job. the question i...

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...

down 9 1/2%. so what happens next? and is your money safe? these are the questions for legal ber and ali velshi. i'll start with you with the usual entreaty. what is going on, ali? >> the french economy, actually no growth in the quarter. global economies are slowing down. we're dangerously close to a recession. we may need more intervention from the european bank and more from the fed. you've been talking about this piers, that rick perry said we can't have more intervention. if the fed intervened it would be treasonous. what's that setup? we have no political agreement in this coun...

with the usual. what is going on, ali? >> look, we started off the day this morning with a rough night in asia. european markets on news that, you know, the german economy, the strongest in europe has weakened to almost a stall, the french economy, absolutely no growth in the quarter. that took u.s. markets downright off the top. but before that, more than 12 hours ago, we got a report from morgan stanley to say what we've all been saying, global economies are slowing down, that they were on the -- we're dangerously close to a recession, we may need more intervention in europe from t...