02-09-2012, 02:38 PM
Where does CNN say that California and New York "caved?" Can you show me that in the story please?
The job of attorneys general is to negotiate the best deal they can for their clients, the states. If New York and California went it alone in suits against the banks, it would take years and millions of dollars that could be better spent elsewhere in a recession.
I think your beef is with the Fed, not the attorneys general of the states. But if the Fed raised the short-term prime, it would be passed along to the customers, us the borrowers. That's how banking works. The banks lend money at a profit. Nothing new there.
The job of attorneys general is to negotiate the best deal they can for their clients, the states. If New York and California went it alone in suits against the banks, it would take years and millions of dollars that could be better spent elsewhere in a recession.
I think your beef is with the Fed, not the attorneys general of the states. But if the Fed raised the short-term prime, it would be passed along to the customers, us the borrowers. That's how banking works. The banks lend money at a profit. Nothing new there.