The Treasury Dept. will soon begin analyzing the massaged results of its baloney bank stress tests:
Why am I so skeptical that these tests will mean anything? I probably said things like this a few months ago, but now I'll run my mouth again because other analysts are starting to agree with my way of thinking:
William Black gets it and so do I. He elaborates on the likelihood that the stress tests are a mask for further fraudulent bailouts of bankers, both in the above interview and in his televised interview with Bill Moyers. Mr. Moyers' willingness to speak truth to power makes him a national treasure.
Relax, everybody. The non-stress tests are just another part of the scam the banking elite is running on the taxpaying public by way of their proxies in government. Nothing to see here. Move along. As for me, my last short of XLF's calls worked out fine, so I may be renewing that next month.
Regulators announced the tests two months ago as part of an effort to determine how much assistance big banks might need to continue lending if the economic downturn worsens. The government is wrestling with how to bolster the lenders without appearing to prop up banks that are beyond repair.
Why am I so skeptical that these tests will mean anything? I probably said things like this a few months ago, but now I'll run my mouth again because other analysts are starting to agree with my way of thinking:
From William Black:
There are no real stress tests going on.
(snip)
The regulators are overwhelmed because of personnel cuts (particularly heavy among their best, most experienced examiners that had worked banks that had engaged in sophisticated frauds).
William Black gets it and so do I. He elaborates on the likelihood that the stress tests are a mask for further fraudulent bailouts of bankers, both in the above interview and in his televised interview with Bill Moyers. Mr. Moyers' willingness to speak truth to power makes him a national treasure.
Relax, everybody. The non-stress tests are just another part of the scam the banking elite is running on the taxpaying public by way of their proxies in government. Nothing to see here. Move along. As for me, my last short of XLF's calls worked out fine, so I may be renewing that next month.
