Bernanke with the understatement of the day

I would say of the year, but with all of the pro-war cheering, it's been crowded out to second tier status.

"A lot of the subprime mortgage paper is not, you know, as good as was thought originally," Bernanke told the panel. He predicted "significant financial losses" associated with delinquencies on these mortgages. Some estimates are that subprime-related credit losses could be anywhere from $50 billion to $100 billion, he said.

I wonder what he thinks of Bear Stearns hedge funds being worthless but perhaps he's holding off for another day when he will deliver another understated whopper.