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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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From: pogohere	7/23/2010 1:18:49 PM
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The European Stress Test That Wasn't Making the grade of a failed test. In the final battle of 8 Mile, B-Rabbit famously rapped “There’s no such thing as halfway crooks.” The same can be said of today’s top story; there’s no such thing as a halfway test. The European stress test on its financial institutions account only for losses for bonds traded rather than those held to maturity, as Professor Peter Atwater presciently predicted last week. Only seven of the 91 banks failed but that number needs an asterisk on it; this test was akin to getting a physical from a doctor who checked half your body. I’m not a cynical person by nature -- trust me I’m not; cynicism is a turnoff -- but this testing process was inherently flawed. It reminds me of the wrangling around FASB 187 when the accounting board almost pulled the plug on the capital market construct (visualize Johnny pulling the plug on the runway lights as the Airplane approached -- just kidding!)(more) minyanville.com

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