| dated as it is, the peak you see is not much of a peak when you consider what follows. secondly, most of the colors are now one color. and lastly, since you mentioned it, the commercial paper markets are precisely part of the issue, and are symptomatic of the complete standstill in the credit markets, affecting every layer of commerce. the once inocuous alt-a has blossomed into every facet of credit, and in this vein the end game is not even in sight. your sanguine parsing is beyond sweet in the face of the facts of the matter, nor does it address in any way, the bottom line of the entire story.... insolvency, in particular by both borrowers and lenders. the equation has ceased to function and into its hole values are not only lost, but cannot be remade. no one is willing even if they can, broadly speaking, to support anything close to a value above insolvency. what will be supported is as yet unknown, and at this juncture, largely unknowable. in media res. |
