This is the CBSi and the world. I'm John Batcher. The Wall Street Journal,

alarms, jobs slowdown, hits stocks, fuels bets on bigger rate cut. It's all coded language so I read the subhead. Dow drops 700

points, I understand that. Investors worry about weakening economy. Suddenly the economy that was strong is weaker. What does

this mean? Jim McTegg is here. Long time Washington editor for Barron's magazine.

Now he's a novelist in Lancaster County, the best county in the

Keystone State, the best state in the Union, the one that will determine the presidential

election. And Mr. McTeg, for some time now, several years, has been my bear, my perma bear.

Tim, the Nasdaq's incorrect, the Tao dropped like somebody threw a stone into the water.

Have we been waiting for this or is this just a prelude for a much more bearish market?

Good evening to you.

Good evening, John.

This is exactly what I predict for the past two years, where's my Nobel Prize in economics?

We're long overdue for a correction.

Sure, we could go lower. You know, we were, we closed not quite down 2% in the doubt and the S&P. I think NASDAQ was over 2% for the day for the day that's nothing because

Before the flash crash in 2010 we would have 2% swings in the market frequently, you know, several times a month.

So this is nothing to be concerned about.

I think the market can correct lower.

Three to five percent. If you're a long-term investor, the stocks you have in your portfolio

that you loved yesterday are, know super bargains today so average

it's it's good for the market it's good for the economy yeah consolidating at

lower levels I understand that it's

very fun but politics Nick Tamaraos of the Wall Street Journal jobs

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