Today Senator Bob Corker (R-TN) took the floor of the Senate for a few minutes to make a case for the American banks writing down their losses.

As Corker said many U.S. banks are insolvent and are refusing to write down their losses in a lump sum, but rather continue to write down a few billion at a time, giving them the appearance of solvency.  Corker asked that banks and financial institutions write down their losses and bad assets so we have a starting point in curing the economic woes of our country.

As an example of his position, Corker pointed out that the big banks have received infusions of funds but that credit means frozen across the country.  According to Corker the banks are hoarding the funds to give themselves the appearance of solvency and that until the banks come clean we will continue to live in economic crisis.

Senator Corker has shown that he is a bright light on the financial committee, having asked questions that few on the committee have the knowledge or background to ask, as evidenced in his questioning of the CEO’s of the big three automakers. 

In all fairness, Senator Corker is from my home town.  And while I was not inclined to support him during his campaign for the Senate, I must say that among the many senators who have represented our state, Senator Corker has proved himself to be among the most qualified and most astute.  Needless to say, Corker is a Republican and I am about as far from one as I can get without falling into an ocean.  However, in the most recent past months Senator Corker has demonstrated a straight forward, no nonsense approach to the economic crisis.  Perhaps, his words bear listening to from both sides of the isle.