120111 stock market
Traders work on the floor of the New York Stock Exchange on November 21, 2011 in New York City. - 

Steve Chiotakis: Some analysis now about the situation in Europe and how it affects our economy here at home.

Jill Schlesinger is editor-at-large with CBS/MoneyWatch amd she's with us live from New York as she is every Friday morning. Good morning Jill.

Jill Schlesinger: Good morning.

Chiotakis: Does this mean now we are done with this? Can we finally stop talking about Europe?

Schlesinger: Sadly, no. The leaders have to actually enshrine these new rules; they have to come up with more bailout money; they have to keep monitoring the weak debtor nations and the European banks. Europe is still going to be in the headlines, sorry guys.

Chiotakis: What happens if this deal falls apart?

Schlesinger: You know, I keep thinking that banking is really the most important part. If the euro and the European banks melt down, U.S. banks are going to feel the pain too -- we've got a lot of exposure to European banks and those countries. So if Europe implodes, U.S. banks freeze up, harder to get a loan -- for a house, a car, small business.

This would hurt our exporters. You know, frankly, Europe buys 22 percent of everything we export. A recession there would hurt our exporters. Our job market would take a hit. And of course, the stock market -- I mean, you remember that August swoon that occured after the debt ceiling debacle?

Chiotakis: Oh yeah, the big dips and rises.

Schlesinger: If Europe breaks down, that August is going to seem like a walk in the park.

Chiotakis: Something to think about. All right, Jill Schlesinger from CBS/MoneyWatch in New York. Jill, thanks.

Schlesinger: Take care.