Hooray for U.S. Banks!

Could something as meaningless a ‘successful’ stress test for large U.S. banks have been the cause of yesterday’s short-squeeze rally? If so, Wall Street would seem to have overlooked the fact that the biggest bank of them all, the Federal Reserve, is still sitting on $2 trillion worth of bad mortgage paper.  Scant consolation for bears, I know, but one of these days….