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[Ephraim Goldfain, a physician,] knew at once that this was no contagion.
So far there has been no contagion throughout the financial industry.
There is no contagion as losses spread immediately through the economy as could happen when a large bank fails.
Mr. Létang said his forecast had "four or five European countries in recession already," but assumed "no defaults, no contagion".
Those who take the upbeat view say that there will be no contagion effects from Dubai's difficulties.
"You can tell investors there's no contagion, but it doesn't matter, because people start to think there's more than one cockroach," said Thomas J. Lee, chief United States equity strategist at JPMorgan Chase.
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Such fears of contagion no longer seem far-fetched.
"With the closure we have a guarantee that there will be no more contagion and we can then evaluate the measures taken with the rigour required by the situation".
"There's no doubt contagion will come to Italy," Daniele Sottile, a managing partner at the financial advisers Vitale & Associati in Milan, said at the same conference, which was convened by the Council for the United States and Italy on an island near Venice.
Also, can German Finance Minister Wolfgang Schaeuble be certain there would be no eurozone contagion?
Despite our pop-cultural faith in social contagion, no one really knew how it worked.
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