Cities are typically net borrowers, not net lenders, so lower interest rates are better for them. Regardless, a mutual fund growing at a slightly lower rate is

Cities are typically net borrowers, not net lenders, so lower interest rates are better for them. Regardless, a mutual fund growing at a slightly lower rate isn't the "suffering" the original comment was talking about. If the economic crisis had just been about LIBOR fixing, no one would have noticed.