Wednesday, October 1, 2008

Lies about the LIBOR rate

(Previous on the subject: New York Times lying on the bailout and general bailout lies.)

I just read a great piece by Dean Baker discussing the LIBOR rate lies with regard to the push for the bailout:

[The NYT's lies about the LIBOR rate sound] really bad -- the highest overnight borrowing cost in history. Maybe it would have been helpful to tell readers that this data has only been compiled since 2001, a period of unusually low interest rates.

If we want a longer time frame, we can look at the history for the three month interbank rate. Bloomberg reports that the three month London Interbank rate (LIBOR) closed at 4.05 percent on Tuesday. In the same chart, we can find that it was 5.23 percent a year ago.

Those interested in a little more history can find that the LIBOR rate was over 8.0 percent for most of 1990 and actually topped 9.0 percent on some days in September of 1989.

The rest of Dean Baker on the LIBOR rate.

Remember: no matter how loudly or earnestly the bastards lie, these are the same people who lied about the Iraq invasion.

They are Wall Street. They are the congressional elite complex and their lackeys. They cannot be believed. Every time they type or say something, they are shading it with mistruth. The corporate media exists to lie, fabricate and deceive. If they ever produce something honest, it is because they made a mistake--they were trying so hard to lie that they accidentally bumbled across something a little bit true.

They had no integrity left years and years ago. They wanted this. And they got it, by god. Now they want another $700 billion. And they're going to lie, lie, lie, until enough citizens out there think the invasion of Iraq, I mean, the Wall Street theft of $700 billion, is a good idea. And then they'll take the $700 billion and keep right on lying to us.

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