I think a GOP staffer needs to brief the Hoover Republicans on this little nugget.
For instance, one gauge that banks use to determine lending rates rose to an all-time high. The difference between the London interbank offered rate, or Libor, and the Overnight Index Swaps rose to an unprecedented 2.08%. The Libor-OIS "spread," or difference between the two rates, measures how much cash is available for lending between banks. The higher the spread, the lower availability of cash for lending
Banks don't have cash to lend so if you want some debt then banks can't provide it for you. If this is allowed to happen for a few more weeks then who know what damage will come of it. Next week we will have a headline "Who's fault is it that there was a 1000 point drop in the DJIA?" And the Hoover Repulicans will to blame. Not Bush, not Paulson, not Dodd, not Wall Street or Main Street but the Hoover Republicans.
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