‘This is like Hurricane Ike’ — finance perfect storm

That quote is from Charles Pistor, former CEO of Republic Bank Dallas. He and other veterans of Texas’ 1980s S&L-fueled collapse know what they’re talking about with statements like that.

Here’s former Mcorp CEO Gene Bishop:

“We will recover, but it’s going to take longer to recover than most people are predicting,” he said. “I’m pleased I’m not in the banking business today.”

The Fed agrees with the worries, as shown by its massive cash infusions today. I’m betting the Fed holds off on rate-cutting, though.