There wasalways much more running and Shouting than actual fighting and on the fewoccasions that blows came to be exchanged, it was all over in the blink of an eye.
Mr Fridson concedes that the difference between corporate-bond spreads and actual default rates is unusual and hard to explain: on the previous occasions when spreads have exceeded 800 points, the default rate was already 9.43% in 1990 and 5.44% in 2000.