..the problems in the subprime mortgage market are relatively small.
Currently, losses are estimated to be at most $35 billion – equivalent
to a stock market decline of about 0.2%. (Last week the value of stocks
traded in US markets were down a not terribly unusual 1.5%, or 7 times
the total expected decline in the value of these mortgages).
That is from an excellent short essay by Stephen Cecchetti.
Addendum: Michael Mandel gives his look at the bright side.