Stress test delay OK

Bank stress test results will now come next week, on the surface a delay that is worrisome. This administration's economic team has at least put into place a pattern of not rushing, of waiting until ready to release results. That's reassuring, we hope.

The entire bank stress test result plan is in one sense, domestic, stupid. What are we supposed to do when the results are announced, say oh my god my bank is eight games out of first place. In another sense, global, it's brilliant, allowing the U.S., still the world's leading capital market and a large debtor, to say that the books are open on our banks and the situation is under control. That's the Larry Summer's play, one could guess.