Wow, stock why do you stray away from your bread and butter (chit chat and politics)? You show how little you know about anything not labeled chit chat or politics when you go to an adult page, without looking it up I bet you don't even know what LIBOR means. Now you can be a child and google it, but being a betting man I know you have no clue, now get back to the kiddie pool!
I could be totally off so feel free to put me on ignore.... Commercial paper is not trading. Just watch out that the company you are trading doesn't need working capital and then I guess you should be all set. Make sure they are in cash and not marketable securities. As far as credit default swaps, Are they even in the system as of yet? They have to work their way out of the system or am I wrong?
Bush solves the job exporting problem I read that banks are not accepting international "Letters of Credit". No more made in China, or grain from Canada, or oil, or... What an ingenious way to get jobs back to the USA. A credit war.