Any economist fixated on so-called “signs of a recovery” needs to have his head examined.
The storms are not abating. Nor are they changing direction. Quite the contrary, what you see today is, at best, merely a deceptive calm before the next, even larger tempests.
The official stress test results released Thursday on 19 U.S. bank holding companies were supposed to help determine exactly how much capital they’ll need, and the total came to $75 billion.
That’s no small amount. But the stress tests will go down in history as the world’s most elaborate effort to paint lipstick on a pig. Link
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