More About This $700 Billion Thing

A former NYT Pulitzer reporter posed a bunch of questions yesterday that he thought the press ought to ask.
Turns out someone did exactly that, rather neatly. If I were that guy, I 'd be embarrassed.

Sample:

Ask this question -- are the credit markets really about to seize up?
They already have seized up. That's the problem. All you need to do is look at the TED spread, which is now a whopping 250 basis points.