NEW YORK (TheStreet) -- When reporting on the good grade banks from J.P. Morgan ( JPM) to Bank of America ( BAC) to Wells Fargo ( WFC) received from the federal stress test, nearly all media outlets declared immediate victory and, when looking forward, sketched out a future full of nothing but dividends and buybacks.Happy days, as far as the eye can see. To The Wall Street Journal, for example, the stress test was nothing short of a "milestone." It looked back--to the first stress test and forward, but only to a future of flowers and chocolate in the form of those swelling dividends and buybacks. But is that all the future holds for the banks? Of course not, but the media hate to stand in the way of a parade. That's why TheStreet had such a welcome contribution with a story entitled: "Banks' Biggest Stress Test Remains." It looked forward, but to a more complicated, mixed and realistic future. The second sentence laid out the possible days ahead, which could trend further (and darker) than a grab bag of shareholder giveaways: "For bank giants, the prospect of bond ratings downgrades or a worsening of the European debt crisis is a still imminent threat, even after stress tests results added to a 2012 bank stock rally." With apologies to most of the media, it might not be happy days as far as the eye can see.