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The report expressed concern at what it described as a "total collapse of credibility in the banking sector".
And, since in the official view credibility was indivisible, a collapse of credibility in the sphere of limited conflict would cast doubt on the credibility of American power in other spheres of competition as well, including even the all-important nuclear sphere.
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The third fallout has been the total collapse of US credibility in the Muslim world.
This outbreak of straight talk is Wall Street's way of addressing the collapse of its credibility.
"There was the political radicalisation of the 50s, satire, rock music and the collapse of the credibility of the Communist party".
Yet unless Hollande makes a major mistake leading to a collapse of his credibility, or unless there is a severe aggravation of the current crisis, leading to a search for a reassuring continuity at the helm, Sarkozy may well go down in history as a one-term president.
Kurtz, in the guise of Corsetti, is now on the side of those who see that the horror came from those in Washington - and that they should be held accountable for this tragic collapse of American moral credibility in the world.
Biggest credibility collapse of the decade: John McCain, who began the decade as a maverick, much sought after Republican renegade, but who is now nothing more than a fading shadow of his former independence.
But the roots of American alienation from Republicans are perhaps deeper than a mere disgust at Donald Rumsfeld's "incompetence" or the collapse of George W. Bush's "foreign policy credibility".
The magazine, swept up in the optimism of the digital boom in the late 90's, paid dearly in terms of credibility and advertising pages when the market collapsed.
And last week's actions have become a stumbling block in the stewardship of Mr. Dunn, who was widely credited with steering the company to financial stability and market credibility after the collapse of the telecom market.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com