Massachusetts Rep. Barney Frank, the senior Democrat on the House Financial Services Committee, talks to Steve Inskeep about his opinion on the S&P credit downgrade. Frank says the U.S. spends too much money being the military policemen of the world.
Crystal White has a booming business selling cloth diapers, in part because of the way she sells them: diaper parties. Similar to Tupperware parties, parents can touch, see and feel the diapers as well as learn how to get over the "ick" factor. White can also thank consumer belt-tightening from the recession for renewed interest in cloth. But the down economy has made it harder for her to grow her business in other ways.
After a day of dramatic plunges, world financial markets began to stabilize. Investors remain on edge amid fears of a possible global recession. Wall Street closed lower Monday-- it's sixth worst decline in the last 112 years. Robert Cookson, Asian markets correspondent for the Financial Times, talks to Renee Montagne about the markets.
London saw the worst violence and disorder in decades Monday night. It was the third night of unrest in that city. Trouble is also spreading to other parts of Britain – to Birmingham, Liverpool and Bristol. Prime Minister David Cameron has cut short his vacation in Italy to try to deal with the crisis.
The latest phase of the European debt crisis was sparked by a fear that the troubles plaguing Greece, Portugal and Ireland would spread to Spain and Italy. Spain has been struggling for more than two years with an unemployment rate above 20 percent — the highest in Europe.