Today's Situation Room:

Wolf Blitzer delivers the most important breaking news and political, international, and national security stories of the day. Tune to The Situation Room weekdays 5-6:30pm ET on CNN.

Wolf Blitzer delivers the most important breaking news and political, international, and national security stories of the day. Tune to The Situation Room weekdays 5-6:30pm ET on CNN.

August 8th, 2011
07:37 PM ET

Fannie Mae, Freddie Mac downgraded

Lisa Sylvester reports on the S&P's downgrade of the two mortgage giants and the impact it will have on the U.S.

RELATED STORY: Dow drops 634 points after S&P downgrade

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Filed under: Economy • Fannie Mae • Freddie Mac • Lisa Sylvester
August 8th, 2011
07:33 PM ET

Remains of troops en route to U.S

CNN's Barbara Starr reports on the status of remains of the soldiers who died in Afghanistan.

RELATED STORY: SEALs were going after Taliban leader when helicopter shot down, officials say


Filed under: Afghanistan • Barbara Starr
August 8th, 2011
07:28 PM ET

Three Arab nations condemn Syria

Arwa Damon reports on the turmoil in Syria and the latest international outrage towards the country's government.

RELATED STORY: 3 Arab nations recall ambassadors to Syria


Filed under: Arwa Damon • Syria
August 8th, 2011
07:19 PM ET

Starved and desperate for aid in Somalia

CNN's Anderson Cooper discusses Somalia's devastating famine resulting from its worst drought in decades.

RELATED STORY: Cooper: 'This famine was preventable'


Filed under: Anderson Cooper • Somalia
August 8th, 2011
06:57 PM ET

Did the S&P's reputation take a hit?

CNN's Mary Snow reports on the outrage Standard and Poor's faces after downgrading the U.S. credit rating.

RELATED STORY: Dow plunges after S&P downgrade

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Filed under: Economy • Mary Snow • Stock Market
August 8th, 2011
06:37 PM ET

What caused the Dow's 600 point drop?

CNN's Richard Quest and Ali Velshi spar over who's to blame for the Dow's 600 point drop.

RELATED STORY: Dow plunges after S&P downgrade

SEE ALSO: BLITZER’S BLOG: Horrendous day on Wall Street


Filed under: Ali Velshi • Economy • Richard Quest • Stock Market
BLITZER’S BLOG: Horrendous day on Wall Street
August 8th, 2011
05:12 PM ET

BLITZER’S BLOG: Horrendous day on Wall Street

By CNN's Wolf Blitzer

(CNN) – When President Barack Obama started speaking at the White House at 1:52 p.m. today, the Dow Jones was down around 400 points. When he wrapped up 10 minutes later, it was down around 430 points. And when the market closed at 4 p.m., the Dow was down 635 points for the day – a drop of more than 5.6%. The tech-heavy Nasdaq index was down nearly 6.9% for the day. The S&P 500 was down 6.7%. In short, it was a horrendous day on Wall Street – as it was earlier in Europe and Asia.

It’s certainly not fair to blame only the president for this awful downslide. There are limits to what he can do in the current economic and political climate. There is plenty of blame to go around – including to congressional Democrats and Republicans, liberals and conservatives.
FULL POST

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Filed under: Economy • President Obama • Stock Market • Wolf Blitzer