Many have noted the fairly muted market reaction to the crisis unfolding in Cyprus.
At a press conference Wednesday following the Federal Reserve's regular FOMC policy meeting, Fed Chairman Ben Bernanke nailed the general mood, telling reporters:
[Cyprus] does have some consequence. But having said that, you know, the vote failed and the markets are up today, and I don't think that the impact has been enormous. I mean, I think it's something we're paying attention to, and we hope that the Europeans will come up with an efficient and equitable solution. We are monitoring very carefully, but at this point we're not seeing major risk to the U.S. financial system or the U.S. economy.
"brutal short squeeze." might be the phrase for the next week. They (the bankers and politicians) are pushing their luck now
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