by Daniel Costello

The closely watched rate at which banks lend money to each other — known as the London interbank offered rate, or LIBOR — fell on Wednesday to its lowest level in almost four years, indicating severe strains in the money market continue to ease. That's important for everyone because the LIBOR is the rate used to calculate interest on trillions of dollars of home mortgages, student loans and credit cards.

The interest rate for three-month loans fell to 2.51 percent today, from 4.82 percent on Oct. 10. It's the 16th straight daily decline. The LIBOR hasn't been as low since the failure of Lehman Brothers Holdings Inc. on Sept. 15.

Yes, things remain very very scary. But a little good news never hurts....