Stress Tests

Ever since Geithner announced they would be conducting "stress tests" on the banks a few months ago, people have been speculating on the outcome and what it will mean for the markets. Some argue that the government won't publish negative results because that would spook the markets. Others hypothesize that good results will be viewed skeptically by the markets, owing to the fact we all "know" the banks are in bad shape.

Best quote today

As longer time readers may remember, I like to read the Wall Street Journal at night. Hey, the news was old since it hit my doorstep, so reading it at night is fine by me. In fact, I consider the WSJ the official paper of record here at the TLRB.

Well, the page one headline today is "Market Pans Bank Rescue Plan", which we discussed yesterday in "Oh Tim". This is where I found the quote of the day. One Ethan Harris, chief U.S. economist at Barclays Capital said

"This is the shock and ugh plan."

I thought that was just about perfect. I suppose it was intended for dry finance types like myself, so don't feel bad if you didn't find it funny. It made my day though.