Markets react to better than expected jobs report

The stock market opened higher than expected this morning, as markets reacted to the strongest jobs report since April. A report from the Labor Department showing that the economy added 117,000 jobs in July, bringing the unemployment rate down to 9.1 percent is buffering the U.S. stock market so far against the sharp sell offs around the globe yesterday. Yesterday was the worst day on Wall Street in three years. Charlie Herman, economics editor for The Takeaway and New York Public Radio, and Louise Story, Wall Street and finance reporter for The New York Times, discuss why the jobs report was stronger than expected, and whether governmental institutions are capable of managing the economy.