Larry: “If the economy is heading into a recession–”
Josh: “No, no, no. We don’t ever use that word around here.”
Ed: “What word? Recession? …What should we call it then?”
Josh: “I don’t care. Call it a boat show or a beer garden or a bagel.”
Larry: “So if it is a… bagel, the Fed thinks it’s gonna be a mild bagel.

According to the San Francisco Fed Reserve, there is a likelyhood that the sovergeign credit default in the EU could drive down the market in the US, creating a second or “double dip” recession.

The American Enterprise Institute also reported on this paper, and published the following graph:

I remain hesitant that the Eurozone will cause a run on US banks. This crisis has been drawn out for weeks, and firms that could be crushed by over investment in the EU have already paid the price (I’m looking at you, Corzine).