Yet, he says, "I'm comfortable with the notion that we're going to have a substantial correction over the next five years."

Later on, he envisages a more substantial correction to possibly 1,700.

One was the belief that we were overdue for a substantial correction of the more than 300-point rally since November.

Second, perhaps you have noticed the collapse of the subprime mortgage market - or at least its substantial correction.

What potential do you see for a substantial correction?

"In places like Wildwood, the recent gain in prices has been exceptionally strong, putting it at risk for a more substantial correction," she said.

If the winds are changing, the implication is that the bull market is ending, or at least beginning a substantial correction.

"There is currently a substantial correction going on in the housing market," Mr. Bernanke said.

There have, firstly, been substantial corrections to the quotas, in order to adjust catch possibilities in line with the scientific evidence.

Still, he said that further increases in Japanese rates are possible before a substantial downward correction occurs.