This morning's gold take-down likely occurred to give some credibility to the FED's stress test results, even though they were a complete sham. Here is what Nouriel Roubini had to say about these stress tests: "Why call them stress tests? Fudge tests would be a truer description."
Bill Cara made this comment earlier today about additional stress test controversy: "All day long yesterday, stories from the Wall Street Journal and Bloomberg were hitting the wires discussing the amount of additional capital some banks need to pass the government stress tests. I thought this information was going to be made public today at 5pm? If reporters were “leaked” information early on, who else knew and how soon last week did they “figure out” the actual numbers? Oh that’s right, only the reporters found out about this confidential information before it was disseminated to the public. And this is the change everyone voted for? Sure seems like business as usual."
Now that these bogus stress tests are out of the way, we will see what new scheme Geithner, Bernanke, and the controlled media will hatch to promote their "green shoot" paper theory.
Circus Circus - VHF
