Fed Determines Banks Need $74.6 billion in Fantasyland Scenario, $599 Billion in Cakewalk Scenario

"The results cannot and will not provide "considerable comfort" because the stress test parameters were a cakewalk. In the so called "adverse scenario" the Fed concluded unemployment would peak at 10.3% at the end of 2010 and GDP would fall 3.3% this year. I think we see the unemployment rate at 9.8% by August and 11% by the end of 2009. The adverse scenario is my baseline scenario. The results are skewed from the start as the baseline scenario is pure fantasy."