Something bad is brewing in the credit markets. Conditions are deteriorating quickly and the spreads are blowing out like they were at the height of the first round of this crisis. The GSE's are toast and the foolish ploy to block shorts has backfired as predicted. The crisis is moving from subprime to Alt-A and prime and the write-offs at the confessional for the banks continues. I smell the wiff off a rotting carcus about to float to the top of the financial cesspool. Just a hunch.
9/9/08 Update: Seems that the smell was the carcuses of Fannie, Freddie and Lehman...maybe even Merill
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