Thursday, January 15, 2009

Corker warns of "Zombie banking system"

With the bleak financial services news from today (just drudge it for all the links) + the scheduled vote on the second half of TARP, you have the makings of THE UNDEAD.

Tennessee Senator Bob Corker uncovers the unholy:

"We know that many of these major banks have hundreds of billions of dollars of losses still coming. If we don't change what we're doing, we're going to create a zombie banking system that just continues to exist, but exists in a very wounded way."

He also warned that the industry might need (gulp) "hundreds of billions of dollars, if not trillions more" to recover.

Our 2012 Corker Presidential profile will be out soon...