Zombies are among us, and they may be the cause of our current economic catastrophe!
In an op-ed piece for the New York Times, Paul Krugman rails against government officials for overvaluing troubled assets, what he calls “toxic waste,” and underselling the danger of “zombies,” bankrupt financial institutions whose survival depends on government aid. As Economist’s View aptly observes, “If you try to bring dead assets back to life, you may end up creating zombie banks.”
Zombies? Toxic waste? Times are tougher than I thought.