US knee deep in bad European debt

 “While the Treasury has been at pains to say that direct U.S. bank exposure to European countries now receiving bailout aid -- Greece, Ireland and Portugal -- is moderate, once the debt of Italy and Spain, plus credit default swaps, and U.S. bank indirect exposure through European banks are added, the potential sum could exceed $4 trillion.”

So in other words, we’re SCREWED.

http://www.reuters.com/article/2011/11/13/us-financial-contagion-idUSTRE7AC15220111113?feedType=RSS&feedName=topNews&rpc=71