Earth to Ben Bernanke

Saw this piece here with comments from the Fed chairman about the "limited" impact of the subprime mortgage environment on the housing market and the economy in general. Isn't that nuts?

I think it's the main reason why there continues to be the housing malaise. Thoughts? That's my view...I thought early in the spring things were coming around and the subprime stuff hit and now we're still teetering.