May 10th, 2009
11:42 AM ET
11 years ago

GOP senator: 'There are glimmers of hope' in the financial sector

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.”


Filed under: Economy • State of the Union
soundoff (27 Responses)
  1. alvino

    Corker admits there ". . . are glimmers of hope." And this is happening with no help from the party of "NO!" It will be interesting how republicans take full credit if things do get better.

    May 10, 2009 11:57 am at 11:57 am |
  2. gary davis Harbor Oregon

    Corker needs to put a cork in his mouth his party is what caused most of the crap..

    May 10, 2009 12:02 pm at 12:02 pm |
  3. Patsy Madison, TN

    Corker is too little to late. He is thinking about being re-elected in TN. He knows the economy is coming out of its depth of recession. But, brain-dead TN will probably re-elect him. The NRA and the Churches have total control over TN.

    May 10, 2009 12:09 pm at 12:09 pm |
  4. JonDie

    The "glimmer of hope" is that fools like Corker no longer are in power.

    May 10, 2009 12:23 pm at 12:23 pm |
  5. Maria

    HI old chaney you will be in jail soon or later,what you did in million Iraqi people,if not believe me american people will pay that price.we leave nation of law not nation of tourture.if sadam hussien was dictator all third world are dictator inculuding your 8 years.why you lie obout american people,send young man and woman war for oil.
    Stop making news.Still war for justice never finished untill you condaleeza,bush went to life prision or death penalty. millions Iraqi people need justice.

    May 10, 2009 12:26 pm at 12:26 pm |
  6. I laugh at Limbaugh daily

    Who and when did anyone give this foreign car salesman so many important posts?Hes no more than a redneck with a suit on.

    May 10, 2009 12:27 pm at 12:27 pm |
  7. Farrell, Houston, Tx

    Okay Repugs, we already know there are glimmers of hope. Now can you do something positive to help President Obama and the American people that would give some glimmer of hope to the Republican party.

    May 10, 2009 12:34 pm at 12:34 pm |
  8. Charles

    Watch out Sen. Corker. Expect a slap down from your boss Limbaugh for even sounding like you're supporting Obama.

    May 10, 2009 12:35 pm at 12:35 pm |
  9. Jamey

    Corker has just found himself in trouble with Limbaugh. I suppose he will be apoligising on Monday.

    May 10, 2009 12:39 pm at 12:39 pm |
  10. Tom in S.A.

    Once it hits bottom there's only one way to go........duh

    May 10, 2009 12:43 pm at 12:43 pm |
  11. There are glimmers of hope

    well then Obama haters, I guess we can firmly place any progress on pulling us out of this Bush / Cheney recession to Obama's credit for doing what couldn't be done by the inept last administration

    thank you Mr. Pres Obama

    what a nightmare you are and were Cheney / Bush

    May 10, 2009 12:43 pm at 12:43 pm |
  12. pam Eugene OR

    It sounds like Corker actually said something good about President Obama's plans for the economic recovery. I bet he will pay for that. He must have forgotten that the Republicans are supposed to be doom, gloom and fear about everything President Obama touches.

    May 10, 2009 12:57 pm at 12:57 pm |
  13. Texas Teacher

    Here we go again.... "there is a glimmer of hope?" No thanks to the Republican members that you are giving so much credit, CNN. I suspect that if all we can hear is the wonder of the GOP and their wise articulations that some of us will exit your fine forum as well as News broadcasts.... I for one, am getting more that disappointed with the wonderful coverage of the SO relevant GOP! If you keep telling the 80% of us just how relevant they are, you may sway public opinion, but I some how doubt it!

    May 10, 2009 01:03 pm at 1:03 pm |
  14. carlos

    thank you Senator.....but please be extremely careful that your bloated leader will throw you not under the bus but the train....because your comments were not approved by the "fat one", but thanks anyway.

    May 10, 2009 01:07 pm at 1:07 pm |
  15. Get Real

    This country needs to quit blaming one side over the other for the economic mess. Both sides since 2004 are to blame.

    May 10, 2009 01:22 pm at 1:22 pm |
  16. Doc

    Watch how he will get attacked by the right-wingers in the GOP for these comments!

    May 10, 2009 01:53 pm at 1:53 pm |
  17. Ray Fisher

    We need Geithner to stop acting like a hat rack and reregulate the financial industry to get banks loaning again. The stress tests are over, time to make money ,honestly for a change!!!

    May 10, 2009 02:09 pm at 2:09 pm |
  18. Too poor to pay attention

    Can I get a job with glimmers?

    May 10, 2009 02:21 pm at 2:21 pm |
  19. Peter E

    The no-questions asked $700 billion bailout to banks last year was sent to Congress by Bush and passed with overwhelming republican support. Before that the original $150 billion AIG bailout of 2005 was passed by the republican controlled Congress. Republicans have been handing out these wasteful bailouts themselves. They are in no position to criticize others for them without apologizing for them first!

    May 10, 2009 02:46 pm at 2:46 pm |
  20. we are what we are = troglodytes

    Corker is a good name for a republican. They have tried to put a cork in everything that President Obama has tried to do and accomplished. It must have been hard for ol' Corker to say anything positive about the stress tests.
    Speaking of stress test, I think the president has done a remarkable job at passing the stress tests of the republican party.

    May 10, 2009 03:05 pm at 3:05 pm |
  21. curtissmall2000

    Even with improvement for financial firms, Pennsylvania Democrat Bob Case said Sunday that the country’s tough economic times may not yet be over I agree with that because of the time that we are living in. I think they should all create a profile on

    http://www.myspacepics.net

    May 10, 2009 03:07 pm at 3:07 pm |
  22. dace

    Why are we hearing from somebody that loudly and dramatically opposed and continues to oppose all the Obama measures that are starting to work? We do not want to hear from these extreme ideologues about the economy they ruined and are now trying to act like they had something to with fixing it or even have a clue what to do.

    May 10, 2009 03:23 pm at 3:23 pm |
  23. Eva, VA

    President Barack Obama is going to run my country like he did his campaign! Brilliantly!

    May 10, 2009 03:25 pm at 3:25 pm |
  24. joe smith

    for the umteenth time why is oil trading at $58.00 a barrel..we know the answer, because they can..

    May 10, 2009 03:38 pm at 3:38 pm |
  25. Truth-Bomb Thrower

    There will be "glimmers of hope" when the American people wise up and kick the dumb-a-crats out of Congress and the White House.

    May 10, 2009 03:57 pm at 3:57 pm |
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