Zombie banks

            I learned a new term last weekend: “zombie banks.” I thought it a strange coincidence that two people with very different perspectives of the economy used the same term. Former Secretary of  State/Treasury James Baker commented in an appearance on CNN’s Fareed Zakara’s GPS TV show Sunday on the mistake of the U.S. following the Japanese pattern of bailing out failed banks 20 years ago as a mis-guided effort in stabilizing the economy.  Author William Black appearing on Bill Moyer’s Journal on PBS on Friday evening took an even more strident tone saying that the financial meltdown was not just a house of cards that collapsed but a deliberate strategy of fraud by the managers of investment banks, bond rating companies, and federal regulators to perpetuate a corrupt system of robbing the banks for personal profit.  He is the author of the book “The Best Way to Rob a Bank is to Own One.”  That seems to sum up public opinion of banks and bankers rather succinctly.

 

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