my_dict2 = dict((y,x) for x,y in my_dict.iteritems())
If you are using python 2.7 or 3.x you can use a dictionary comprehension instead:
my_dict2 = {y:x for x,y in my_dict.iteritems()}
Edit
As noted in the comments by JBernardo, for python 3.x you need to use items instead of iteritems