For frustrated investors looking to justify the ban of credit default swaps (CDS), look no further than last week’s corporate bankruptcies of Canadian newsprint producer AbitibiBowater Inc. (ABWTQ) and U.S. shopping center developer General Growth Properties Inc. (GGP).

Not too long ago, some analysts were still claiming that turmoil in the financial markets would have scant impact on the real economy. But the “after-shock” of credit market ructions, as Stephen Roach of Morgan Stanley put it, is now clearly kicking in.