Prof. William Black tells us that “stress tests” are nothing. The government used them last year already in relation to AIG, Fannie and Freddie, and IndyMac. The great revelation: past tests were up to five times more severe than the recent ones for big banks, and yet these failed institutions passed with flying colors. These “healthy” institutions required hundreds of billions, got repossessed by government, and in IndyMac’s case, completely folded. Big lies.
So, if the recent less-than wimpy tests revealed that big banks still need billions, what should we expect. The former big lies lead us to expect these are BIG LIES.
Watch Prof. Black’s interview here.
Joel McDurmon, M.Div., Reformed Episcopal Theological Seminary, is the Director of Research for American Vision. He has authored four books and also serves as a lecturer and regular contributor to the American Vision website. He joined American Vision's staff in the June of 2008. Joel and his wife and three sons live in Dallas, Georgia. 
