The Dow Jones Industrial Average is down over 200 points at this hour. Morning Joe Economic Analyst and former US Treasury official Steve Rattner says things could get worse for our economy, before they get better.
Rattner says we are on the verge of another Euro crisis.
"The most recent bail out — that of Spain — is not working because the EU insisted that Spain remain on the hook for aid given to its banks. As a result, Spanish bond yields have soared to 7.4%, a record and above the 7% threshold that experts say becomes unworkable for countries to continue to finance. Also, in Greece, the international monitoring team is about to arrive in Athens amidst widespread doubt that Greece has made sufficient progress toward implementing its reform measures. As a result, there is renewed talk of a Greek exit from the Euro."