This will be bad for investors who are over-stretched. Europe is having a problem with the EU coming apart because of refugee costs, German stinginess and mildly higher interest rates in the US. That has caused the US to become a safe haven investment. So, when the Italian crisis gets worse, a question of by how much and when not if, a selling wave will hit the US as well. This should not have much effect on the real US economy outside of NYC and Chicago. However it might have catastrophic effects in those two cities and some spill over effects in states neighboring NY and IL. Part of the reason it may have catastrophic effect in NY and IL is that NYC is where most of the news media is headquartered. The next Italian election will likely be in Sept. which will make our own election somewhat unusual as well. How big of a selling wave will spill over on to the US is unknown. This sounds like a buying opportunity to me but what other opinions are out there?