How LIBOR Impacts Financial Models and Why the Scandal Matters

Matt Taibbi asks why nobody is freaking out about the LIBOR scandal, Robert Reich calls it the scandal of all scandals, and Dylan Matthews has a great explainer of the whole thing here. Abigail Field has more at Reality Check.
This can be confusing stuff, so I want to go through a very simple example of how this impacts the markets.

The right isn’t talking about it because they haven’t figured out an angle to blame this on too much regulation or taxes being to high. Once they figure out a way to claim the scandal was caused by something they oppose, they will start talking about it. Until then, enjoy this really good explanation by Mike Konczal at Rortybomb.