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The best you can say is it appears the financial system has “stabilized.” It´s at least fascinating, but actually kind of scary when you consider how the government and the banking giants manage to delay confronting the gargantuan toxic asset problem. Either explicitly or with winks and nods, everyone puts off the day when we attempt to place a value on the mess. In the meantime to distract us, the Treasury did its stress tests and just about all the institutions passed, some banks give back their TARP loans, Citibank and Morgan Stanley raise salaries, and Goldman Sachs may be salting away a record bonus pool from recent trading gains. So the implicit message from all this is we can all feel comfortable again about our credit system.

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