I feel better

The 19 largest banks only need $75 billion to survive even nastier times than today. And, of course, the definition of those nastier times is spot on; we'll never see 10% unemployment. The fact that one of the banks, BofA, needs almost half that amount ($34 billion) doesn't worry me. The examiners are veritable seers in that they know just how to value those toxic assets that, until now, were impossible to value by anybody else. The frosting on the cake is that the banks agree with the results. Sure, they had to sit through some negotiating sessions. But, hey, they're regular guys and are looking our for the nation's welfare.

Everything is fine.

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