Despite Spin, Credit Crisis Is Far From Over

Summary

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The facts speak for themselves: The credit crisis is getting even scarier.

The first evidence was the announcement by the nation's biggest banks that they are banding together with the government's blessing to try to bail out institutional customers and maybe themselves stuck with illiquid asset-backed investments. That's a clear indication that there has been little relaxation in the paralysis gripping debt markets in recent months.

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Extract

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Despite Spin, Credit Crisis Is Far From Over

Then Standard & Poor's made another sweeping downgrade of the credit ratings on mortgage-backed securities worth some $23.35 billion this time for loans granted s...

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