With the Dow Jones Industrial Average (DJIA) taking another tumble of 376 points on May 20, some investors are pointing to problems in Europe for the sell-off. However, there may be problems at home as well.

CNBC's CME Group floor reporter Rick Santelli explained on the May 20 broadcast of "Closing Bell" it had a lot to do with the Europe and the Euro, however it isn't all coming from abroad.

"Well, a couple of things," Santelli said. Well, first of all, if you look at the high-grades, they widened out with the high-yields widened out more today at levels today that are wider than the day of the flash crash. That's ‘a.' And ‘b,' you know Maria, we have a 1.2511 on the Euro. This is so much more than just focusing on the Euro."

The man who predicted the bursting of the housing bubble as well as 2008's economic collapse says that what happened in the markets around the world today is just the next stage in the financial crisis.

"The first stage was this massive re-leveraging of the private sector that led to the financial crisis and which has responded now with a massive re-leveraging of public sectors with budget deficits of the order of 10 percent," Nouriel Roubini aka Dr. Doom told CNBC's Maria Bartiromo.

"So I think that the markets are realizing that we have socialized a lot of the private losses with unsustainable fiscal deficits."

He believes the bond markets in parts of Europe seriously began realizing the depth of the problem today cautioning, "And soon enough they're going to wake up in the United States" (video follows with partial transcript and commentary):  

With summer driving season upon us, it's important to note that there's a traditional jump in gas prices. But will this seasonal adjustment benefit commodities, specifically oil and make the price of gasoline even higher? That could happen if those forms of energy lure investment from what seems to be an over-valued equities market, brought on by what some claim is cheap money. 

On her April 5 program, "Closing Bell" host Maria Bartiromo asked CNBC's CME Group floor reporter Rick Santelli if a move higher in commodities was due to inflation. However, according to Santelli, it's not inflation but a move by investors out of a potentially over-valued equities market that will cause a rise in commodities.

"Well, you know, I don't like to link the two together," Santelli said. "I mean, many times you know, it is core [minus] food and energy. So I think throw all that away. I think the better question is, is that when people are afraid to put their money to work in treasuries, because rates may be going higher, maybe afraid that we are a little long in the tooth in the sugar-buzz rally of equities - boy, commodities is the place to be. Most of the good dollar trades probably already out there."

"Instead of privatizing - which is what our government should be doing - we're taking major roles of the economy for the United States government," Giuliani told "Closing Bell" anchor Bartiromo. "And it is not an exaggeration to say we are starting to look more like a European social democracy than we are an American free-market capitalist society."

A self-avowed free-market advocate, Bartiromo attempted to defend the Democrats' actions for a second: "Let me take devil's advocate for a minute here and say, ‘Okay, you say socialism and we're seeing this government takeover. Well maybe some of this stuff wasn't working before, so how do we know this isn't going to work better?'" she posed.  

Giuliani lamented how disingenuous Obama's entire argument about a health care "crisis" was, seeing as how much of the significant provisions do not go into effect for years - and quite possibly under the watch of a Republican president.

When you breach the sacrosanct wall between church and state, and use religion to promote policy, bad things happen. At least, that's what the left has been telling us for years.

But Rev. Jim Wallis, editor-in-chief of Sojourners magazine and author of "Rediscovering Values: On Wall Street, Main Street and Your Street," sees it differently. Wallis used his interpretation of religion, particularly the Bible, to play the populist card and categorize portions of the American private sector as greedy on MSNBC's Jan. 21 "Morning Joe."

"These bank bonuses, I would say, are a sin of Biblical proportions," Wallis said. "But to pick on the banks alone misses the point. It's a symptom, I think of a real erosion of societal values because new maxims have taken us over - ‘greed is good,' ‘it's all about me and I want it now.'"