Such fear made markets less liquid – the money market in particular – and the "wall of liquidity" evaporated under the summer sun. Investors sought shelter and security in the least risky, shortest-term, and most transparent assets. The re-pricing of credit risk is an ongoing process.
Unfortunately, it may take somewhat longer than in previous periods, because of the opacity and legal complexity of so many of these structured products. All of this implies that it's too early to draw any definitive conclusions from the current experience. But one lesson, which I hope will be clear to everyone, is the absolute importance of transparency if markets are to function properly.