Nightly News | November 24, 2011
>> head into the holiday season with the economy still struggling to get going and an economic crisis in europe that could have a serious ripple effect here at home. for insight on that we turn to cnbc's chief international correspondent, michelle caruso-cabrera. there was talk not that long ago of a double-dip recession. nothing is making a dent in this unemployment. we saw a bad week in the market so what's the big picture on the u.s. economy .
>> reporter: back in august we got some data that really frightened people and we wondered if we were going to have a second recession. however, recently when it comes to consumer spending action even the weekly unemployment data, it's gotten better. it's not great, but it's better. in fact even some economists this week said maybe the economy could grow as much as 3% this quarter. the one caveat is what happens in europe with their debt crisis, and do they resolve it in some way.
>> and you put your finger on it because we've seen this movie before. their economic problems can easily become ours. a bad day in the markets over there, so what's happening?
>> reporter: there was a big meeting today once again between the leaders of france, germany and italy. the leader of germany once again said a big no to two ideas that a lot of economists think europe should do to solve the problem, either to allow the central bank of europe to do what the u.s. central bank did during our crisis and flood a lot of money and liquidity into the system or do a set of bonds that puts all of europe 's debts into one big pile so collectively they can pay for that. germany is still against both of those ideas, so so far no resolution.
>> michelle, thanks.