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March 13, 2008

It's Safe in the Subprime Pool!

"We're safe," [Ford] said.
"Oh good," said Arthur.
"We're in a small galley cabin," said Ford, "in one of the spaceships of the Vogon Constructor Fleet."
"Ah," said Arthur, "this is obviously some strange usage of the word 'safe' that I wasn't previously aware of."
       - From Hitchhiker's Guide to the Galaxy

Good news. S&P, who missed most -- okay, a lot -- of the trouble in subprime now says it's (nearly) safe to get back in the subprime pool. Given all the surprises in this unwinding, the headline today from S&P put me in mind of the above HHGTG quote, to be honest.

More Subprime Write-Downs To Come, But The End Is Now In Sight For Large Financial Institutions

It's also kind of an unfortunately ill-constructed headline, when you think about it.

[S&P via FT]

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