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The Stress Tests Bless The Banking System...

...and the Journal blesses the stress tests. PR-wise, this strikes me as the most important line written about the whole exercise so far:

The stress tests -- designed to examine individual banks' ability to withstand future losses -- helped alleviate the near-panic that investors felt at the beginning of the year as many worried some banks might have to be nationalized.

There are qualifications in the piece, to be sure. But I can't imagine Treasury and the White House are displeased with this sort of coverage. Whether the stress tests turn out to be a substantive success remains to be seen, of course.

--Noam Scheiber