As I understand it...

• Subprime is contained, except when it is not.
  
• The housing crisis is contained, except when it is not.
  
• Inflation is contained, except when it is not.
  
• The containment is spreading.

Princeton is not what it used to be! (except when it is?)

We all need to take a few lessons from Bernanke. The key point as I understand it is:

There are no problems, except when there are.