Libor: Excellent news

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Libor Rates. Courtesy of Economagic.

It can't all be that bad, short term Libor rates have dropped dramatically, signaling that the Fed's bypass surgery to the clogged arteries of the bank to bank lending has been a success –we have eluded the worse, a sudden death of the financial system.

Now, will they be able to stop the bleeding of AIG, GM, Chrysler..?