Remember when the stress tests had been "downgraded to irrelevance," and the PPIP was the only aspect of the Geithner plan that really mattered? Whoops. Turns out the stress tests were rather important, spurring the major banks to raise $65 billion in new capital in less than a month, with more capital raises on the way. And the PPIP? Well, the Legacy Securities Program is still on track to start purchases in July. But the PPIP's other half—the Legacy Loans Program—has already been downgraded to extinction. Ah, memories.