U.S. Senator Bob Corker Speaks to Premier Partners About Economic Climate
United States Senator Bob Corker was the featured speaker during a recent Premier Partners’ event at The Square Room. Nearly 250 members of the Knoxville business community attended the event sponsored by Pinnacle Financial Partners. Senator Corker spoke about the current economic downtown and about what he feels can remedy the situation.
“We have to deal with credit and we have to deal with housing,” he said. “Shoring up the foundations in the credit market and in the housing market will help our economy recover.”
Senator Corker blames the deterioration of the credit market on insolvent major financial institutions. He thinks excessive whole loans on large bank portfolios and apprehensions to lend recently garnered TARP (Targeted Asset Relief Program) dollars are bringing the credit market to a halt.
“This administration has a major decision to make,” said Senator Corker. “It has to decide whether it’s going to face this issue with the financial institutions and do something significant to deal with the credit problem or whether it is going to continue to simply meter out enough money to keep large financial institutions from going under.”
Senator Corker feels the “metering” should stop.
“Personally, I think we should take our medicine,” he said. “If we keep doing what we’re doing, we’re never going to be able to get our credit markets and our economy functioning in a proper way. We cannot continue – in Knoxville, in East Tennessee, in Tennessee, or in this country – to try to, in any way, get this economy turned around unless the credit markets are flowing.”
Senator Corker also spoke about the recently passed stimulus package. An opponent of the legislation, he warned excessive government spending could worsen the country’s current economic climate: “In 24 to 36 months, I feel most Americans will wake up and realize they have an $800 billion tab and not a whole lot to show for it.”
In the meantime, however, Senator Corker has vowed to work with state leaders to make sure the money earmarked for Tennessee helps its citizens long term.
“I’ve worked daily with Governor Phil Bredesen because I want you to do well (economically) and I want our state to do well (economically),” he said. “I’ve worked to help create flexibilities (in programs such as TennCare) and I do believe that our state, unlike many around the country, will do the best it can with the stimulus package money.”
To find out more about Premier Partner events, contact Michelle Kiely at 865.637.4550.
