Given the Fed's track record of inaccurate prognostications, one must wonder whether any predictions it makes are accurate. Right now the Fed Chairman claims a Greek default won't harm U.S. banks. He said pretty much the same thing about the subprime mortgage crisis in 2007 and how its effects were contained from the rest of the economy. The European Central Bank has a much more sober view of how dangerous the Greek crisis can get for banks. U.S. money market funds heed the warning signs and scale back their exposure to European debt. They must not be paying much attention to the Fed.
The credit crisis is back. It's not pretty or exciting.