This bloody "stress test" fiasco has mutated into the car presentation scene in every "My Super Sweet Sixteen" ever filmed. In fact, about everything the administration does looks MTV to us lately. First the car (stress test) is discussed.
"The Secretary and the Department of the Treasury have long recognized that transparency was important for taxpayers, important for the banks and important for the overall stability of the financial system," said White House spokesman Robert Gibbs. "And I think that's what you'll see."
Then the make and model is discussed. Bickering ensues. It's not clear the desired car (stress test results) will be forthcoming.
Gibbs declined to comment on what the results would be, however he said the tests would be completed - in a "systematic and coordinated" way -- around the beginning of May.
Obfuscation heightens the drama (better not disclose the results early, before the party, you know).
Government officials are pressing banks not to disclose information about the stress tests in the next few weeks before they are complete. There is a worry that details will spill out during bank earnings season, which started this week. Treasury officials expect earnings season to be completed before the stress tests are finished.
Bratty behavior suggests the stress tests might not turn out as desired.
However, it's unclear whether banks will have the option of ignoring the results. Regulatory observers argue that there are a wide variety of ways bank regulators could pressure banks to take government capital or do other things, even if they are opposed to the idea.
Now, apparently, some hint about the car might be released early. Or not. Or maybe.
Roll out the car, start the credits and put an end to the damn show already. We're already sick of listening to this brat and RealTrue Life: I Work At The Fed is on next.
White House: U.S. to release some stress test details [MarketWatch]