Credit Risk Higher, Earnings Higher

The Wall Street Journal is FINALLY running an article on what I have called the Lehman Trick: companies have been posting gains on the widening of their credit spreads.  This has been utilized by LEH(MQ), MER, C, MS and probably others over the last 9 months or so, I have made several posts on this.  If the debt market for bank debt stabilizes, where are the new phantom earnings going to come from?