European and US Economies at the Tipping Point?

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Europe's debt crisis is causing financial ripples all over the world, and elected leaders are trying to prevent a tidal wave. Will Germany bail out Greece and maybe Italy, too?  If not, what’s in store for the US and the global economy? Also, Wall Street reacts with optimism ahead of Obama's job package, and wildfires in Texas and the Governor's presidential campaign.

Banner image: German Chancellor Angela Merkel arrives to speak during debates over the federal budget while Foreign Minister Guido Westerwelle (L) and Vice Chancellor and Economy Minister Philipp Roesler chat at the Bundestag on September 7, 2011 in Berlin. Merkel argued for an extension of the EFSF, the European mechanism for helping European Union member states in times of financial crisis, and said: 'Should the Euro fail, then Europe fails.' Photo by Sean Gallup/Getty Images