New Mexico Tells Big Banks to Shove It
February 10, 2010 at 10:50 AM 1 comment
New Mexico’s House of Representatives voted Monday to pass a bill that allows the state to move $2 billion – $5 billion of state funds to credit unions and small banks.
The municipal funds bill was approved 65-0, and is subject to a vote by New Mexico’s Senate. Governor Bill Richardson told the bill’s sponsor that he supports the legislation.
All the states should do this.
Entry filed under: Financial Crisis. Tags: .
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crisismaven | February 12, 2010 at 12:40 PM
I wonder though: does Mexico really have funds to spare? If I’m informed correctly it is equally a state facing sovereign default in the near future? So thiis s just populist cosmetics, riding cheques so to speak.