[Randi Kaye, Cnn Anchor:] Hello, everyone. Wall Street to Washington, Cannes to California a world of big stories changing by the hour and you'll see them all starting right now. An economic summit aimed at staving off disaster is history.
[Ali Velshi, Cnn Chief Business Correspondent:] Well, the clarity we have now yesterday we were thinking there wasn't going to be a referendum, now the Greek finance minister has told the E.U. there will be no referendum. But as you alluded to, within about six hours or so, there is going to be the final step in a confidence vote on the Greek in the Greek parliament. And the prime minister, George Papandreou, who's really behind all of the drama this week, he only has a two-seat lead in parliament. So, it remains to be seen what's going to happen in Greece. But Randi, you and I have talked about this, Greece is a tiny country in the grand scheme of things. It's the 32nd biggest country in the world in terms of its economy. Italy is a much bigger country, and Italy, right now, is in the focus, because right now lenders from around the world, whether they're banks or governments, are looking at Europe and saying, is this a stable organization? Are these 17 countries that use the Euro trustworthy that they'll pay their debts? After what we saw with Greece, they are starting to look at Italy now and say, there might be more risk here than they first thought. So, people are a little more relaxed than they were this time, Randi, but they're still pretty much on edge.
[Kaye:] Yes. I would play for our viewers, Ali, some perspective from the president, a glass half-full perspective, if you will. Let's play that, and then I want to ask you about it.
[Barack Obama, President Of The United States:] Make no mistake, there is more hard work ahead and more difficult choices to make. But our European partners have laid a foundation on which to build, and it has all the elements needed for success. A credible fire wall to prevent the crisis from spreading, strengthening European banks, charting a sustainable path for Greece, and confronting the structural issues that are the heart of the current crisis.
[Kaye:] So Ali, you listen to that, but really when I think about it, doesn't a whole lot still ride here on what the Greeks decide?
[Velshi:] I would say president is overstating the case a little bit. What he's saying is what he hopes happens. The reality is there's no fire wall around Europe at the moment. They're talking about beefing up the international monetary fund. Greece is the biggest recipient of money from the international monetary fund right now. It's more hopeful talk. One of the things is that even though we've seen this sort of debt debate in the United States, these kind of debates going on in Greece about government cutbacks versus, you know, less spending, they go on everywhere. But Europe is not a federation, they don't have somebody who makes those decisions. So, the biggest thing that happened this week is on Wednesday, when Sarkozy and Merkel of France and Germany, called Papandreou, who's not a member of the G-20, to Can here and told him, if you guys vote this you do this referendum and it goes the wrong way, you might get kick out of the Euro. That's probably the biggest accomplishment this week. There's finally a rule that says if you do something that fundamentally affects the Euro and the other countries in it, you might actually get kicked out. That's probably the biggest take-away this week.
[Kaye:] Thank you, Ali Velshi, very much. Nice to see you as well. Well, whether it's a G-20 jitters abroad or jobless worries at home, investors are in a funk. The Dow, NASDAQ, S&P; all down more than one percent. Right now blue chips are down 145 points there. The big concern here is a small report from the labor front. We learned this morning that U.S. employers added 80,000 jobs last month which isn't terrible but far less than needed. The jobless rate actually fell one-tenth of a point to nine percent. But almost 14 million Americans who are looking for work still cannot find a job. Deliberations now underway in the involuntary manslaughter trial of Michael Jackson's doctor, Conrad Murray. Over the course of 23 days, the jury heard from 49 witnesses, which included Murray's girlfriend and patients as well as investigators and medical experts for each side. The prosecution argues that the evidence is, quote, "overwhelming," while the defense maintains it was the acts of Jackson himself and not Murray that led to his death. Be sure to stay with CNN, word of a verdict could come at any time. The Herman Cain campaign is said to be mulling a lawsuit against the online news site that first reported sexual harassment allegations from the 1990s. A campaign spokesman tells CNN that nothing's been decided but a suit is being discussed against Politico.com which, for the record, stands by its reporting. We're also waiting to find out whether one of Cain's accusers will be allowed to put out a statement giving her side of events that led to her departure from the National Restaurant Association which Cain at the time headed. The group is going over that statement word for word to see whether it violates the confidentiality clause that came with the woman's severance. The sexual harassment storm surrounding Cain continues. His camp blames Perry's camp, but Rick Perry says no campaign leaks here.
[Gov. Rick Perry , Presidential Candidate:] No apology needed. We found out about this the same time that I suppose the rest of America found out about it.
[Kaye:] John King joins us live with more on this Republican blame game. But first, I want you to meet today's "Rock Star," Kelly Slater. He may be the greatest athlete you've never heard of. The 39-year-old living legend of surfing just captured his 11th ASP world title in San Francisco giving him bragging rights to being the oldest, and 19 years ago the youngest, to ever hold this title. Pretty amazing work there on those waves. OK, and my producer, Kelly, thinks he's awfully cute smokin'hot I think were her exact words. Kelly Slater, total rock star.