I wondered in the 80's why retail borrowing rates didn't go down when the wholesale rates did....

The Largest U.S. Banks Have Repeatedly Gone Bankrupt Due to Wild Speculation, and the Fed Blessed the Speculation and then Helped Cover Up Their Bankruptcies

Volcker's covert rescue of the American banks using secrecy and a high fat spread didn't cost U.S. taxpayers a cent -Koo

The latter statement ignores the fact that American Taxpayers are also bank credit card users and apparently were paying an undisclosed fee in the form of the increased spread to pay for the money center banks losses.