Repost of recent TIA video by Adani Samat and “Bill’s Blog” post re: Zombie States and Halloween, text selected by Mary Pat Campbell includes “... Back in 1985 and 1989, Ed wrote two books warning about taxpayer exposure to losses from bank deposit insurance schemes, before we knew what hit us in the savings and loan crisis. Ed coined the term ‘zombie bank’ to identify effectively-insolvent banks that were allowed to remain open by regulators and others. Deceptive accounting principles greased the wheels for regulatory forbearance, making ‘zombies’ appear to be solvent. …”
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