think that's what policy makers in europe are doing. so we don't seem to be truly on a path toward a long-term solution. and until we seem to be on that path, i think volatility driven by europe is with us to stay. >> susie: the big worry for many investors is that europe's financial problems are going to cause a recession in the u.s.. what are your thoughts on that? >> there's two transmissions coming out of europe. there's the financial system, so let's say a major problem with one of the big european banks, con teen-age unin the banking -- contagion in the banking system. that i'm worried about. what i'm less word about is that a recession in europe necessarily pulls the rest of the world down with it. net exports from the u.s. to europe only account for 1.3% of u.s. gross domestic product. so in and of itself, europe doesn't crush the u.s. economy. there are other drivers, and i think that will be the case. so i'm less worried about the economic contagion, i'll a little more...

>> tom: gold, oil and stocks all tumble as the euro drops to its lowest level since january, reflecting investor worries the eurozone won't act fast enough. >> the word i would use to describe how investors are feeling is "despair," more >> tom: she's one of wall street's top market strategists. we talk with liz ann sonders of charles schwab about where to invest in the new year, her outlook for 2012 and the european debt crisis. it's "nightly business report" for wednesday, december 14. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: