Do the Federal Reserve and Treasury Department really think they can keep the results of the "stress tests"--i.e. which banks are in trouble and which aren't-- secret until May 4? With no flurry of trading on insider knowledge? (Or is the idea that there will be so many flurries of insider trading that they will cancel each other out--i.e., nobody will know what to believe?) ... 12:08 P.M

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The best book review I've ever read, Mary McCarthy's amazing figuring-out of Pale Fire , is now online  at New Republic  ... 12:01 P.M.

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