Is The Second Leg Of The Credit Crisis Starting?


Photo: AP

From the Big Picture:In an earlier post titled “CDS rates, What Is The Thermometer Telling Us?” we said:

Sovereign default rates are moving higher across the globe. It underscores a concept we detailed in a recent Commentary and Conference Call, namely the credit crisis was never solved. It was transformed from a reckless private sector borrowing binge to a reckless public sector borrowing binge.

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