2009-05-05ml-implode.com

The problem with this exercise is it's very clearly not an honest appraisal of banks' true health. Nor was it intended to be. Geithner announced the stress tests and allowed folks to believe he might use the results to shut down insolvent banks, but early in the leaking process it was established that all of the banks would pass the 'test.' The point was never to resolve the banks, of course, it was to play for time.


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