The former Fed Head says subprime contagion may not be containted.
But thus far the markets are taking the remarks in stride.
With June Yen futures down 71 points, room enough for the Dow to stay a bit higher, as a I belabor my Yen-impact-on-the-market perspective, but sometimes these things take a few minutes to sink in. Remember, when he was Fed chairman you wouldn't have known if subprime problems were any worse for you than eating a pound of Olive Loaf in one sitting. Now he's being fairly candid and this isn't Alan Fundt candid camera funny.