Well, the news is out about the stress tests! And surprise, surprise, it’s not as bad as the doomsayers predicted – again. Just like when they predicted the nationalization of some big banks and the failure of others. It seems the banking system isn’t going down the drain after all. My question is this: why does some invisible government official leak pieces of a big story but leave out the critical details? Bank of America has to raise $33 billion dollars. Oh, by the way, they’ll do it without any more government loans or government ownership and they’ll sell less new stock than everyone expected and they’ll be fine.
It’s beginning to look like the bear market pundits will have to find something else to worry about, and to convince us to worry about. How about this one: “General Motors will go out of business and lay off all their workers.” Also a ridiculous reach in extending a troubled company’s problems to the moon, but I’ll bet someone will have it in print before the month’s out because they need something to feed the fear that so many of us cling to.
Maybe we should just take all the doom and gloom with a grain of salt. Maybe we should let the doomsayers talk to those who will listen while we move on to a more constructive use of our time . Maybe we should be focusing on the emerging signs of recovery in our economy than the waning cries of disaster around the next economic report. Maybe, just maybe, we’re going to be OK after all.
As always, I welcome your comments.