Jeremy Hobson: Here in London this morning, the first question that was asked at the BBC’s business news meeting was: is the European debt crisis turning into a banking crisis?

And that’s where we’re going to start with our regular Wednesday guest, Josh Brown of Fusion Analytics, he’s with us live. Good morning.

Josh Brown: Hello, how are you?

Hobson: I’m great, Josh. So leaders here in Europe are sort of trying to figure out today what they’re going to do about this troubled Belgian bank Dexia which is having problems. They don’t want the problems to spread across the financial system — is this now a banking crisis in Europe?

Brown: You know I think if we’re not at the point where it’s a banking crisis, we’re right on the precipice. The important thing to understand is, all of these major European banks are also big holders of the bonds of these countries. So if there’s any question that any of these countries’ bonds are not worth a hundred cents on the dollar — so to speak — right off the bat you get into this zone where there could be a banking crisis.

Hobson: And how much of a concern is that where you are, in New York on Wall Street?

Brown: You know I don’t think we’re quite there. The only bank rumored to have big exposure to French banks, for example, is Morgan Stanley. But really, it’s not a huge a concern, we have our own problems we’re working on.

Hobson: Josh Brown of Fusion Analytics, thanks so much as always.

Brown: Thank you so much.

Joshua Brown is a New York City-based financial advisor at Fusion Analytics. He helps people invest and manage portfolios for them. Josh’s clients range from individuals to corporations to retirement plans to charitable foundations. He is also the author of The Reformed Broker, one of the top 10 financial blogs in the United States.