Cramer: Credit Likely to Remain Crunched

This column originally posted on RealMoney.com at 7:31 a.m. EST. For more information about subscribing to RealMoney, please click here.

So much isn't seen out there. Last week's conference call with Goldman Sachs (GS Quote) told the story better than most. While it is possible to argue that, with gasoline and heating bills down (despite the frigid weather across the country) and with mortgage rates coming down, there are so many behind-the-scenes crises that it is difficult to believe anything good can happen.

David Viniar, the excellent CFO of Goldman, tried to put everything in context when reviewing just the last quarter alone. Some of it was just plain frightening to read. To wit:

1. In 90 days, the value of investment grade bonds fell so fast that that it implies one in five issues will default.
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