Not Wide Enough

Sam Rogers: It's gonna get worse before it gets better.
Will Emerson: Ya think?
Sam Rogers: Much.
--Margin Call

One indicator that we're not at 'defcon' market levels is credit spreads. While spreads on junk bonds on rising, they're not at the wides associated with previous crises.

Due to its centrality to modern finance, we likely need to see more stress in the credit domain before 'the' bottom is in...