Banks passed stress test.
I have a bridge in Brooklyn and San Fransisco. Any takers? All the banks failed. I know I know. The FED who has been wrong before and did not see the last bubble tells you that the banks are safe. I still have those bridges. Banks can withstand up to a 15% unemployment. That is good because the unofficial unemployment is now between 17 to 20%. Phew. I glad Ben saw that one. Oh but don't worry. The banks are safe. They can see house prices fall another 50%. Well that is good. Is that what will happen when the dollar breaks? I don't know. I did see a 30 second news clip that the head of all the trading firms GS MS and what not were called in to discuss what they thought was Frank Dodd but the discussion was how they needed to buy the Euro debt. I don't know if our FED will buy it from them and that way get around the fact the FED is not supposed to buy any more debt from other banks or Country's.So business as usual.The banks won't have money to loan us because they bought others debt. I wonder how this will turn out.So don't worry. The banks are safe. Don't forget those bridges I have to sell you.