This is purely scary. You can try to work with him when he is calm and in a good mood. But I do think he needs professional help. This is not just bad temper. It is uncontrolled temper. How does he behave outside, with coworkers, etc? Is he this out of control as well?
If this patten continues, at some point, you need to draw the line. Otherwise, the kids and you are in danger.
