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Jeremy Hobson: Now let's get to Europe with Josh Brown of Fusion Analytics, he joins us live. Good morning.

Josh Brown: Good morning.

Hobson: So Josh, Moody's downgraded two French banks this morning, saying they are too exposed to Greek debt and don't have enough cash. Is this crisis spiraling out of control?

Brown: You know, I want to say it's spiraling out of control just by reading the headlines, but the truth is, all the problems are very well known about. None of this is sneaking up on anyone, and I still think it's somewhat in control for the majority of Europe.

Hobson: But there are people who are talking about this being the next Lehman Brothers. Now I know we've heard that before, but could this be the next Lehman?

Brown: You know, there's something called the "recency effect," where people look at something traumatic, and everything coming up in front of it looks like it's the next so-and-so. I think rather than this being the next Lehman Brothers, really what we're looking at -- not to be too cute -- is the first brisk up of the EU, and it looks like that's pretty likely to play out.

Hobson: That almost seems scarier.

Brown: In some ways, and for certain people and certain investors it may be. But if we know about all these problems and it looks inevitable, the sooner we accept that, we can get a little bit more constructive. It's not going to be pretty, but once again I don't think anyone will be surprised when it finally happens.

Hobson: Josh Brown, investment adviser at Fusion Analytics. Thanks so much.

Brown: Thank you.