Economy needs full $700 billion, and more

Commentary: Financial emergency calls for more credit

The credit market thaw paused this week: LIBOR fell just a little; mortgages touched 6 percent and rebounded; short-term Treasury rates are still near zero; and corporate and consumer credit is as scarce and expensive as ever.

Massive, global intervention by central banks and national treasuries has been under way for only a month. It just seems longer when you’re having fun.