There are several tools that can help determine the depth of a credit crisis. By looking at U.S. Treasuries, LIBOR, the TED spread, commercial paper and high-yield bonds, you can get a glimpse into how nervous bank and investors are about assuming risk, which is an important determinant of what the economy will look like going forward. While no single indicator is more important than another, the correlation of all of these will confirm the overall conditions in the credit markets.
Source: http://www.investopedia.com/articles/economics/08/credit-crisis-indicators.asp
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