Stress tests, Swine Flu, Jobless clains

Today is the release of the stress test of major banks to determine liquidity. The stock market rallied up until today on the hopes of good reports, then opened down today even before the results were released. The general consensus is that the major banks while underfunded, do not need as much new capital as originally thought. That is welcomed news for the financial industry. The inter-bank lending rate is also down, which should spark credit to be relaxing to the general public.
The recent hysteria about the swine flu in Mexico is estimated to have cost the tourism industry upwards of $2 billion, and more losses are yet to be felt. The media sensation is the culprit. With only a few reported deaths associated with the outbreak, people lost sight of facts. The regular flu claims over 800 people a week in the United Sates. Its year tally is between 250,000 and 300,000 worldwide. Most of the victims already have health issues, with the elderly accounting for 90% of the deaths in the United States. In less developed areas, malnutrition plays a vital roles. All the hype has closed schools where cases have been reported. I would guess most people have a better chance of being run over by a buss than dying from the swine flu.
One big bright spot is that new unemployment claims have decreased again. Hopefully this is a sign that the economy is starting to recover and is no longer in a tailspin. Another indicator is that consumer spending increased, which is vital to a recovery. Until the general population starts to spend, business will remain stagnant.
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