Liquidity Death Spiral Traps Credit Suisse

``... it exposes a trap in the current credit market: Traders are getting increasingly punished for trying to sell unpopular debt at the wrong time. The result has been a growing number of hedge-fund failures, increasing risk aversion by Wall Street traders and further cutbacks at big banks... it could set the stage for another credit seizure given the right catalyst -- perhaps a sudden, unexpected corporate default or two, or the implosion of a relatively big mutual fund.''