there s no such place as europe. a bunch of countries trying to get along and it s not working great. they are concerned about our debt ceiling. one way or another we will get the debt ceiling raised. when you watch the markets, they are not expecting a default. if lehman brothers falling can cause a shock in the economy, what happens if an italy or greece or ireland defaults? how massive of an impact would that have on middle america? potentially enormous. greece has an economy one sixth the size of california. they have $1.6 trillion of euro debt. it s $2 trillion of u.s. dollar debt outstanding. it s a huge economy. it s why they are working hard