Word: bankses
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But it's not all of it. Facts are important too, and some think Geithner and the government are fudging them. Nouriel Roubini, the hard-headed pessimist who foresaw the financial crisis, wrote Tuesday in the Wall Street Journal that the overall positive message of the stress tests "would be...
The news, leaking out over the course of several days, likewise lifted the markets, sending bank stocks up dramatically for the week by close of business Thursday. And for all the grim numbers, the banks themselves were touting the results, too. "The regulators demonstrated that the industry is strong now...
So three months after he rolled out his bank-rescue plan to disastrous reviews, Geithner, with help from Ben Bernanke and others, has bolstered the confidence of the banks, Congress, the stock market and much of the country. In an economy that runs on credit, that's half the battle...
Still, even if the numbers are based more on positive thinking than cold hard facts, it's tough not to be impressed by what Geithner and company have accomplished. In addition to the boost in public confidence, they've apparently figured out how to get the banks to support Geithner...
The Treasury has given the troubled banks until June 8 to decide how to raise that capital, and until November to do so. Just by chance, early June is right around the time the Treasury expects big-time fund managers to have come up with the $500 million they need...