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Thursday, May 7, 2009
Don't Believe the "Good News Bulls"
According to this New York Times article, U.S. Says Ailing Banks Need $75 Billion, US Banks need $75 Billion in additional capital in order to pass the government stress tests and this is good news!? First, it is not good news. It means that US banks need a lot of additional capital. Second, it is not even accurate. According to Gary Shilling we should not be trusting the rosy government reports as they are really meant as a PR piece then they are a measure of the banks' financial condition. I agree. The government stress tests are a joke. Regardless of these phony stress tests most large US Banks are insolvent.