Banks told by Fed to test for 12% unemployment

Market Watch ^ | 11/15/2012 | Ronald D. Orol

[Obadiah]

The Federal Reserve is asking 30 big banks to make sure their capital can withstand a deep recession in which the unemployment rate rises to 12%.

The Fed, which first required big banks to conduct “stress tests” in 2009, laid out three scenarios lenders have to test against. The goal is to ensure that the firms have enough capital to continue operations during stressful economic times.

[Obadiah]

The Fed stressed they were not making economic forecasts “but rather hypothetical scenarios...

Yeah, uh, huh. And in Obama's world, 12% unemployment is Obamaspeak for 21% actual unemployment.

Brace for impact.

[Jim Robinson]

Rev Wright, er, Obama’s chickens coming home to roost.

[molson209]

only 12% unemployment ?

[Sequoyah101]

Assume the brace position. Bend over and kiss your .... goodbye because this crate is going down.

Obastard is in the cockpit and if there is any justice he will be the first to feel the impact. The rest of us are being taken along for the ride.

Good luck. I hope to see you in the survivors circle.

[bereanway]

At this rate we’ll be there before Christmas.

[Nachum]

The list, Ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/

[MIchaelTArchangel]

Barack is Arabic for Vladimir and Hussein is Arabic for Lenin?

[APatientMan]

House of cards.

[Farmer Dean]

No kidding.By inauguration day at the latest.

[txhurl]

At this rate we’ll be there before Christmas.

---

Maybe before Thanksgiving. I smell a huge SPLAT coming up all over.

[Gasshog]

The District of Criminals and their Media Posse have been lying all along. Now that Obie Won is in the drivers seat for 4 more years the veil of deceit will be dropped.

I hope everybody that voted for Mr. 19th Hole that isnt a hard leftist, but just thinks he so cool - feels the full impact of how they were used and fooled by the Rat party when the hard times hit.

They are hitting 100,000’s already and its going to get worse.

[libertarian27]

[yefragetuwrabrumuy]

At 12%, I think a U6 of 21% is optimistic. Because after an extended period of high unemployment, I would expect the U6 curve to rise faster than basic unemployment. My guess? At 12% basic unemployment, the U6 could be from 24% to 30%.

More so, large parts of the retail economy will go “off line”, for things like barter and semi-barter transactions. Some municipalities will develop scrip markets (which were used hundreds of times during the GD), as they are a big plus at a local level.

[Obadiah]

Need someone to ‘shop Obamaville on there.

[Obadiah]

Okay then. Thanks for the good cheer!

[Roccus]

Barack is Hebrew for "lightning"....or should I say... Lightnin'?

(Old B/W movie goers should get that)

[Chode]

[bayouranger]

Corrected!

[Chode]

pretty much...

[Obadiah]

Bwahahahaha... that’s hysterical (as in funny).