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

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To: Hawkmoon who wrote (113251)	7/23/2010 2:39:28 PM
From: Haim R. Branisteanu	2 Recommendations Read Replies (1) of 116555

Based on the market reaction the EU "stress test" does not have a lot of credibility, but on the other hand to many US banks are still closing. Bottom line IMHO all those "stress tests" are hog wash - in the US a stress test was done in May 2009 since RE prices are still falling, close to 10% since May 2009, home foreclosures are up and over 200 banks which did not participate in the "stress test" are closing down with assets in the 4 to 5 trillion range. Assuming a 10% haircut it is bigger than the Lehman bankruptcy AFTER a successful US “stress test” so in a nutshell it is all HOGWASH both in the EU and on US banks

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