To come up with estimates of future losses, the government assumed what they call "a more adverse" scenario. But their more adverse scenario is actually less adverse than the current reality!

Hard to believe? Then just look at their own numbers in the chart the Fed published recently:

Maybe this was already posted at ET but I thought you would appreciate it anyhow.  Some no-bullshit reminders about the real state of the US economy, cutting through the fog of optimism currently permeating our media.