One of the most interesting metrics from yesterday’s roller coaster ride in our minds was the almost absurd bump in the LIBOR rate. 

There’s been a fair amount of commentary on the financial blogs and news sites, but very little in the MSM. 

Here’s one of the more interesting quotes making the rounds today-

“The money markets have completely broken down, with no trading taking place at all. There is no market any more. Central banks are the only providers of cash to the market, no-one else is lending.”

-Christoph Rieger, a fixed- income strategist, Dresdner Kleinwort. (hat tip TBP)

Here’s an informative read about the LIBOR from Bloomberg today.  Graph credit Bloomberg.

Just thinking about the billions in loans indexed to the LIBOR……..

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