2009-03-12 — businessinsider.com
" The prospects the the reform and possible for suspension of mark to market accounting rules are looking brighter this morning. About an hour ago, at 10 am, the House Financial Services Subcommittee began its hearings on the issue. Right off the bat, the chairman of the panel signalled strong support for reform."
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Jess Badlybent at 20:08 2009-03-13 said:
Lots of good points here but... "La-la-la, connect the dots", as Pee-Wee Herman used to say. Why do most people only grab part of the picture and then go on a rant about it? Let's face it (in a REAL capital market) values of assets continually are up and down. Believe me, I get it: Todays shit may be tomorrow's shine-ola or visa-versa. If we are going to allow some degree of self imposed valuation from the idiot banks who are holding these (toxic) assets, then get rid of fractional reserve lending! Otherwise what we have said is (oh, mighty banker) tell me what (in your most fanciful dreams) your assets are worth and then if you want to generate new debt equal to 10X to 30X times that value, go on ahead. Not only a clear case of banks having their cake and eating it too, but then force feeding their "unexpected" losses to our public balance sheets when we are taken off guard by each new wave of catastrophic revelation. At least then (without fractional reserve lending) there will be less loss for our sissy-assed politicians to feel like they have to mop up when the banks come back for more free money. Next post I'll tell you how I really feel. PermalinkJess Badlybent at 20:18 2009-03-13 said:
Come-on guys! This is not my post! Since when did an A$$et become a donkeyet? Don't take the teeth out of my post by over-editing. Permalinkadd a comment | go to forum thread
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