fixed income, page 237 Why are we doing this long way to get Libor spot curve… we are using the swap rates to get the Libor spot curve… But wait, were not the spot curves used to get the fixed rates on the swap in the first place? else how were the swaps priced…? So in other words insted of trying to solve of the spot rates, look at the market, we should be able to simply observe the libor spots! ??? WTF