Calculated Risk: Credit Crisis Indicators shows multiple signs of steps on the road back to sanity in the credit markets. The TED spread, in particular, is within sight of normal territory.
The biggest risks at this moment are that foreigners decide they don't want more Treasuries, or that the new team at Treasury decides to shovel too much more of our money into stupid banks by buying their worthless/unmarketable paper at high prices. Or even medium prices.
