Sub-Prime "Meltdown," ABX "Carnage" and the Risk of a "Credit Crunch"

Roubini: "The fact that the downward 'credit' cycle has emerged so fast and so sharply in a still 'strong' economy is the most important signal that this sub-prime mess cannot be easily dismissed as a niche problem that will have no contagious effects on the rest of the economy and of financial markets."