A trader watches prices at his post at the New York Stock Exchange at the opening bell August 8, 2011.
A trader watches prices at his post at the New York Stock Exchange at the opening bell August 8, 2011. - 
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STEVE CHIOTAKIS: Let's get some reaction to today's big sell-off. Josh Brown is a financial adviser at Fusion Analytics. He's with us live now from New York. Good morning Josh.

JOSH BROWN: Hey, how's it going?

CHIOTAKIS: You tell me? Has Wall Street decided we're in a recession again?

BROWN: Wall Street hasn't, and they never will until we're about half-way through. But some of us have begun to tick-up our expectations for a recession.

CHIOTAKIS: What's going on?

BROWN: Well, it's not really a shock because the data -- deteriorating for months if not quarter now -- but it all of a sudden started to matter very recently. Jobs aren't coming back. In the meantime, every major Wall Street firm is starting to slash their expectations for 2011 GDP and the Euro headlines continue to get worse. So between those three factors it's just become a full-on panic.

CHIOTAKIS: But, we've been hearing this over and over again, right? Is this just been bubbling under the surface and then wham?

BROWN: Well, it's funny, people say why does Europe matter all of a sudden? Weren't we worried about this in the summer of 2010? The answer is, in 2010, Greece was able to sell bonds for an 8 percent interest rate -- now Greek bonds are yielding 30 percent. There is a huge deterioration that took place between then and now. We were able to ignore it, because the Fed was injecting liquidity directly into the banks -- directly into asset prices. So we were able to kind of skate by. Now the Fed is not doing that any longer -- and what you're seeing on your screen today is what the market looks like, beyond that intervention.

CHIOTAKIS: Josh Brown from Fusion Analytics in New York. Josh, thanks.

BROWN: My pleasure.