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They're a proxy for default probability - given the experience of the past 14 months, that's a part of the market I don't see as obviously failed.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
by Migeru (migeru at eurotrib dot com) on Wed Oct 1st, 2008 at 12:11:20 PM EST
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