Return of the Credit Crises?

This was in the comments section and I thought I would bring it to the front. ABX tranches continue to deteriorate also. Thanks goes to Justin

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/05/29/cndebt129.xml

The debt markets in the US and Europe have begun to flash warning signals yet again, raising fears that the global credit crisis could be entering another turbulent phase.

and

Spreads on inter-bank Libor and Euribor rates in Europe are back near record levels.

and

But there are now concerns that the Fed itself may be exhausting its $800bn (£399bn) stock of assets. It has swapped almost $300bn of 10-year Treasuries for questionable mortgage debt, and provided Term Auction Credit of $130bn.