Opinion: The Fed’s hypothetical stress test is now all too real
, proving once again that the stress test requirement has rendered them safer, and that this particular provision of Dodd-Frank is one of the wisest laws Congress has ever passed.The bad news: Even when the Fed tried to imagine the worst, it could not quite imagine the sudden stop to the global economy that is taking place now.
The situation now, however, stems not from a catastrophic failure in the economy, which was actually in good shape as of early March, but from a sudden series of political decisions, which, taken together, essentially halt great swaths of production and consumption on the grounds of public health — indefinitely.
“Survival” would be a more honest descriptor. Massive government-backed lending may buy time for public-health measures to work, thus achieving our national goals without widespread household bankruptcy and the destruction of capital — physical, human and financial — that might otherwise impoverish the country for years.
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