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Shelia Bair Concerned About Euro Zone Recession
CNBC.com | February 02, 2012 | 03:43 PM EST

Former FDIC Chair Sheila Bair said Thursday she believed Europe was heading into a recession, but she sounded confident that the U.S. financial sector would be able to weather the storm.

“I think Europe is going into recession. I think that’s going to have an adverse impact on our economy. I think the housing market is still very troubled here. There’s still a lot of uncertainty about litigation risks. So I think banks are healing,” she said in an exclusive “Fast Money” interview.

Bair, who chaired the FDIC from 2006 to 2011 and was a member of the Basel Committee, echoed recent sentiments by JP Morgan Chase CEO Jamie Dimon about the possibility of a Greek default having “almost zero” impact on U.S. banks.

“A Greek debt default I don’t think would be a major event so long as it’s cordoned off from any kind of collateral damage with the other sovereigns that are having distress right now,” she said.

Bair credited European Central Bank President Mario Draghi for his efforts.

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