... preferred stock paying Collateral Damage Part 1: What the Crisis in the Credit Markets Means for Everyone Else David Rhodes, Daniel Stelter, Shubh Saumya, and André Kronimus7 October 2008 T B ... surface. For years, credit losses had been relatively limited, so borrower creditworthiness did indeed appear to be strong. There was, how- Collateral Damage Part 1: What the Crisis in the Credit Markets ... Given the dramatic events in the capital markets, everyone is wondering what will happen next—and what the implications are for the wider economy. This paper is structured into fi ve chapters. The...