Will the hurricane calm down before it reaches the CDS market?

To follow up on the last entry I should just add that I am equally afraid of what a sudden widening of corporate credit spreads could do to the credit default swap (CDS) market. The CDS market is untested (it has seen almost no defaults) and, to make things much worse, quite large! One of the few I listen to, Bill Gross (Pimco), has written some on this lately and I think his message deserves to be spread! Go read his reports! If you don't listen to me, maybe he can convince you?