Can you imagine how much worse things can get with ? His good friend Phil Gramm helped create this record of failure and that's who McCain believes is an expert. The worst thing is that this is not even close to being finished. But remember, the Republicans are the economic experts. From CNBC:
The number of problem banks on a regulatory watch list increased to 117 by the end of the second quarter from 90 at the end of the first quarter, the Federal Deposit Insurance Corp said.
The combined assets of the problem banks increased to $78 billion from $26 billion, the agency said.
The housing slump and worsening economic conditions forced U.S. banks to set aside $50.2 billion in loan loss provisions during the second quarter, the FDIC said in its quarterly industry update.
That figure is more than four times the $11.4 billion that the industry set aside in the second quarter last year.
