>> bruce kasman is still with us as well, ty. bruce, you know, we heard the storm cloud scenario.ut the other thing that i really keyed in from our guest was the words systemic risk. given what you've studied in europe, given what we're facing here in the united states is systemic risk still on the table or do you think we're somewhat more immune to it as investors try and balance the risk in their portfolio? >> i think europe is the issue here. i don't see anything in the u.s. from a domestic point of view here. even if growth disappoints here that can create that kind of financial shock wave. i think we have an open door here if something really does go wrong in europe. there's no doubt that markets have priced in bad news in europe. but they haven't priced in the potential for what could really happen here if the system begins to fall apart. >> are you surprised they haven't done that, though, given how long this has all dragged out? and now we have spain in the mix in a very meaningful way? the market's supposed to anticipate. but apparently it's not. >> i think what the marke