>> they are not as exposed to the european banks as they are to each other but they are all exposeded to the global banking system. banks are very inter-linked. and the minute you start having disruptions, the minute the flow through the pipes starts to be interrupted, then everybody suffers. and the concern is that europe's banking system may come under pressure. those of us that are in the trenches, those of us who look at the plumbing for the last couple of weeks we have started to see some strains and the news out of spain this weekend was really the announcement to the rest of the world that the european banking system is coming under pressure. >> susie: you were talking about global growth. if there's a recession in europe, does that mean another recession here in the u.s., what you economists call a double dip? >> hopefully not. but it certainly means that the v, this very rapid continuation of the growth, the full percent projection will not materialize. we're looking more at a 2%. unfortunately, the v was priced into a lot of assets in markets around the world and in the u.s.