Sub prime lending …another 1998 contagion?

Sub prime lending …another contagion? Some how I find it hard to believe that mortgage defaults of the high risk variety in the USA are having a similar impact to Russia defaulting on it sovereign debt in 1998 and the contagion that soon followed? Sub Prime lending has a bigger impact than Hurricane Katrina, the global war on terror, famine in Africa or the latest tsunami. It’s amazing the power of the American consumer don’t you think. Despite the sell off many equities are trading well with in there trading range ,I think it pays well to heed the lesson of 1998 ,that these ‘crisis’s” seem to reverse them selves(some where around 13200 on the DOW)and when they do often lead to new market highs rather quickly.