Source of the Improvement

In the NYT:

Even if the markets continue to improve tick by tick, some analysts wonder whether they are truly getting better, or merely being kept alive by a huge apparatus of government support systems propping up everything from short-term commercial paper to money markets to home mortgages.

“The question to ask is not whether credit markets have improved,” said Jeff Rosenberg, head of credit strategy research at Bank of America/Merrill Lynch. “The question is, what is the source of the improvement? Can credit markets function without significant government intervention?

And the answer is? Indisputably, the answer is no.”