Nightly News | August 10, 2011
>>> and with us from the studio is another member of our team, co-host of squawk box . author of the book "too big to fail." is this just the way it's going to be for a while?
>> i'm afraid it is. and i hope it won't be. one trader put it today, we're in panic mode, sell first, ask questions later. there's a real sense that's what's happening in europe could affect us here and that's really the problem. and we're already starting where there are problems in the u.s., if the economy gets worse here, all the banks will be impacted.
>> people who are scared to get involved in wall street and don't have the stomach for investing, have the choice to hold back. but when you start talking about banks and when you talk about bank of america , that gets our attention. what's going on with bank of america ?
>> bank of america is down about 10% today. they have the most exposure to our economy because they have the most mortgages. they have the smallest rainy day fund, they're the least capitalized. search they run into trouble, they will run into trouble first. and that's what people are worrying about in the market.
>> hate to end on that, but thank you as always.
>>> a reminder cnbc continues its special coverage of the markets in turmoil tonight at 8:00 eastern time .