in an interview i watched yesterday the guy was saying that it's not the stock mkts that's the problem but the credit markets: that they haven't bottomed, spreads are at record highs and going higher, that there's daily forced selling of major structured credit products and portfolios, discounting is dramatically worse, 90% of high yield bonds are liable to default over the next 5 years - impossible, credit mkts discounting 20% yields if you can make sense of that, can you explain what's going on, what the whole picture is and consequences of what he's referring to