We've been saying for weeks that these bank stress tests are a bit of a ... I don't want to say "joke." Let's just say that we've expressed the view that not many investors or folks on Wall Street take them all that seriously. We knew, in the beginning, that they aren't pass/fail, which we took to mean they are a bit of a whitewash.
I don't know what to think of them now. I do know that we'll find out soon how "the market" (that final judge, it seems) views them. And it should be clear, pretty soon, if we were wrong in saying these things are irrelevant.
Felix Salmon once told me that what he loves about blogging is that you get to find out very quickly how wrong you are. I'm trying to join him in feeling all excited about that.