New concerns about Europe have triggered speculation that we could be on the brink of something extremely serious.
The alarm was sounded Tuesday after Standard & Poor's downgraded Greece’s debt rating to junk status and also cut Portugal’s rating by two notches.
In the wake of that downgrade chatter began to circulate suggesting Europe’s woes may bear an eerie similarity to the subprime crisis – that is, begin in a small and isolated way at first, only to blossom and spread later.
"Just like in 2008, when you had one big company fall after another, you're now seeing this spread from Greece to Portugal,” says Alan Lancz of Alan B. Lancz & Associates in a Reuters interview.
How should you be positioned?
A lot of the European banks or anything that looks like it could have credit exposure is in play, says Tim Seymour. The credit crisis is the trade going forward.
Got something to to say? Send us an e-mail at firstname.lastname@example.org and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our website send those e-mails to .
CNBC.com with wires