Moody Markets; London's Burning; Candidates' Debate

We reflect on a wild week of volatile trading on the stock market, with alternating days of record-breaking gains and losses. How closely does our economic turmoil resemble the 1930's? Are lawmakers focused on the right course of action for recovery? Also, we discuss the riots in the UK, and the part that class warfare and economic inequality might have played in the unrest. Plus, eight GOP presidential candidates were in Iowa this week, including Mitt Romney, Michele Bachmann, and Tim Pawlenty. They took part in a two-hour debate Thursday night, looking to position themselves as the frontrunner in a statewide straw poll, the results of which will be released Saturday. But stealing some of the spotlight from Iowa is Texas Governor Rick Perry, who will announce his candidacy on Saturday. (Joining us this week as our guest panelist is UC Berkeley economist and former presidential economic advisor Laura Tyson.)

Banner image: Traders work on the floor of the New York Stock Exchange at the closing bell August 10, 2011. Photo by Stan Honda/AFP/Getty Images