that means david faber is near and is thinking. david? >> no, you know what?just going to echo that -- i will now echo that same point. i think it's an important one for people to understand. it's not as though the debtloads of these countries are going to go away overnight and we are going to be visiting and revisiting this crisis, if you will, along the way. it's going to be a long road, in fact, unless, of course, we get to this catharsis that some say is inevitable of actual debt restructurings. as tough as that will be, at least it will then put everybody on firmer footing. but there's no doubt, mark, that i think, you know, it may be weeks, it may be months, auctions may go well, but you're not going to eliminate the trillions and trillions of debt these countries ultimately together have and whether or not they're going to be able to handle them and whether the fixed income markets are going to be able to serve their needs. >> and they're also tied together, right? i mean, you know, andy, when you think about it -- >> right. >> -- everyone says, okay, y

move here in the markets to join me, break it all down is a cnbc all-star program, sue herera, david faber, david neto. tyler mathisen and cnbc contributor ron insana joins me from mobile, alabama. ty, speak with you. i've been watching you on the air. nice seeing you with franklin rains, also newsworthy there but what are you hearing in terms of the risk trade, this market down 225 from all of those big hitters and managers of money? >> well, you would have to say that they all had one eye on the market, on the dow and the s&p 500 today but the other eye on their bottom lines of their companies and on that score they're feeling quite good so i sense a bit of a disconnect here. yes, there's more to get scared about today maybe than there was last week or two weeks ago. more to be scared about them to be exuberant about, but they have a kind of controlled exuberance about their business results. whether you're talking of wbb or the head of eaton corp, these guys are seeing their business results turn around very nicely. they're not unworried about greece in europe. >> right. >> but they're

david faber here on set. what is the impact, if the worse-case scenario happens. ? we see major hedge fund failure or problems with banks here? to what degree are we talking about a truly worrisome consequences? >> that is the consideration. greece is one thing, but, of course, spain is a very different story in terms of the size of the economy. $1.6 trillion, the size of its debt. now, nobody is saying, excuse me, spain is anywhere near a default or restructuring. but ultimately the theme i'm hearing from certain people, michelle, is simply, is it really the way to solve a massive debt crisis by adding more debt. which is what they're doing in greece. >> and in the u.s. >> and in the u.s. and how long can you continue to do that without requiring restructuring of that debt. if that were to happen and there was a pound down there would be significantly losses among the banking community in europe and among many investors and there is always the fear of continued contagion and what builds from that. >> we should note that the imf is out with a statement saying there