LIBOR Jumps 4% Overnight!
The LIBOR is now at 6 7/8% after last night. A 4% jump in one day.
I feel sorry for all of the people whose ARMs reset tomorrow, October 1st. They will now be paying $1000s of dollars extra on their mortgage for at least the next year.
But, hey, at least we punished those Wall Street fatcats, didn't we! So who cares what happens to all the little people. (I better state specifically that this paragraph is meant as SARCASM everybody, since a couple of people didn't get that the last time I mentioned this.)