On Thursday, the Treasury Department announced the results of so-called "stress tests" applied to America's 20 largest banks. The idea was to determine how well they are prepared to handle further downturns in the economy.

The topic is hideously complex, made all the more so by the Obama administration's coy handling of the issue and bankers' desperate attempts to forestall accountability. The best way to understand it is to consider the following:

— On April 27, ...

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