This is a credit crisis, remember, not a stock-market crisis: the impact on stocks is just collateral damage.
Libor: 6.88%
Are you in any way reassured by the dead cat bouce in various global stock markets? Don’t be. This is a credit crisis, remember, not a stock-market crisis: the impact on stocks is just collateral damage. And this morning, overnight Libor was fixed at 6.88%, up from just 2.57% on Monday.
http://www.portfolio.com/views/blogs/market-movers/2008/09/30/libor-688?tid=true