WASHINGTON (CNN) – Picking up on a phrase often used by the Obama administration, a Republican senator said Sunday that things may be turning around for the struggling financial sector of the economy.
“There are glimmers of hope” in the financial sector, Tennessee Sen. Bob Corker said Sunday on CNN’s State of the Union when asked if the industry had turned a corner.
“I think it was a positive step,” said Corker of the Obama administrations’ recent “stress tests” on the nation’s largest banks.
“But there will possibly be additional government dollars [for some financial institutions]. I think that hasn’t fully been said and I think that what we’ve got to be concerned about as we move into the future is not causing [the Troubled Asset Relief Program] to be codified so that it’s there forever.”
“I actually am feeling better about it. I really am,” Corker, a member of the Senate Banking Committee, added.
Even with improvement for financial firms, Pennsylvania Democrat Bob Case said Sunday that the country’s tough economic times may not yet be over.
“When we describe, we use language like ‘the unemployment rate is a lagging indicator,’ that gives no hope and doesn’t reflect the reality that so many people are living through,” Casey said Sunday on State of the Union.
“If you lose a job or your home or your hopes and your dreams, these economic statistics don’t mean much,” said Casey. “So we have a long way to go and I think we have to continually focus on the job numbers even as maybe the financial sector numbers or other data improves.”