Investment Banks Turned Into Public Utilities

"It worked. So far. The credit markets have begun to thaw. Overnight Libor (London Interbank Offered Rate) dropped 27 basis points to 1.67 percent, the lowest level since September 2004. Three month Libor shed 40 basis points this week to 4.42 percent. The Libor-OIS spread and TED spread are edging downward, too. The VIX, the Chicago Board Options Exchange Volatility Index---also known as the "fear index"--has skyrocketed to 80, a new record. But that is to be expected; after all, Wall Street is in a panic."