Irrational exuberance?
From The New York Times:
FAIR GAME: What the Stress Tests Didn’t Predict“'The stress tests said that through the two-year cycle, big banks had to have enough capital plus earnings to withstand a 9 percent loss rate,' Mr. Whalen said. 'But what we’re seeing with the levels of stress in the industry is that we are there now and we are not at peak of cycle yet.'”
http://www.nytimes.com/2009/08/23/business/economy/23gret.html
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