Schiff: Stress Tests Are Useless "Rearview Mirror"; Trade Deficit Risks Blowout (video)

... and more, on Peter Schiff's video blog for this week. We particularly liked his comments on the stress tests being a "rearview mirror" and hence useless; which can be proven by imagining what the Fed would have said if stress tests calling for a 30% decline in home values, a 50% stock market decline and 10% unemployment were proposed before the bubble burst. Of course, they would say "that's crazy; that's impossible". The problem is basically that (as far as the establishment is concerned) it is impossible to see the financial "black swans" coming, even if it knows some are.