Subrime Bigger Hoax than Y2K?

Put me in the camp that agrees this subrime headline grabbing issue is a big hoax to get eyeballs and sell fear..........

Subprime concerns overblown, fund manager says
Shakeout will be 'most hyped disaster that never occurred since Y2K'

SAN FRANCISCO (MarketWatch) -- The shakeout in the subprime-mortgage business won't escalate into a disaster capable of undermining the U.S. housing market and the economy, the chief investment strategist at fund-management firm DWS Scudder said Monday. ...

The subprime sector is too small to have such a big impact, according to Robert Froehlich, who is chairman of the investor-strategy committee at DWS Scudder, a division of Deutsche Bank AG ....

...."For all this to occur, the subprime-mortgage collapse has to be big enough and important enough to set the wheels in motion. And the fact is that it isn't," he wrote in a market commentary Monday. "It will be the most hyped disaster that never occurred since Y2K." ...

....Froehlich said Monday that, like Y2K, investors are worrying too much about a subprime-fueled disaster that probably won't happen.

"The subprime-mortgage market is big, but it's not big enough to push the U.S. economy into a recession by causing a credit crunch," he added. .......

By Alistair Barr, MarketWatch

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