Banks are still seriously flawed when you see them lending 6% less than a month earlier, and yet the 2nd largest mall owner goes bellie-up because they can't get a loan.
I contend that the stress test was designed to bolster confidence rather than assess the strength of the US banking system. Regardless of his real intent, Geithner has failed miseably on both fronts due to overly optimistic assumptions and horrendous handling of the press. Advice for Geithner: when you schedule a press conference to discuss your latest plan to stabilize/assess the strength of the US financial system, be prepared to actually discuss details of the plan. Nothing erodes confidence faster than a government official getting a deer-in-the-headlights look on his face during a press conference that he scheduled.
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