All right, already.

But who called the margin? Where, particularly, did the liquidity fail?

Someones, somewhere, called in the debt. Who did it?

Teach me.

UPDATE: What exactly was it that tripped the trigger in the last month? Quarterly reports?

Something happened to pitch everyone into a panic. I've been watching this at the New York Times and no one says right off what set things off. Something did.

UPDATE: Four quarterly losses, I think I'm reading.

Paulson and Lockhart unveiled a four-part plan to come to the aid of the agencies, which have sustained combined losses of $14 billion in the past four quarters.