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This is an important story from Investors Business Daily:
Accounting rule-makers on Thursday did all they could to make the nation’s credit nightmare go away — or at least go back into the closet — sending stocks higher. The Financial Accounting Standards Board, under heavy pressure from politicians and financial firms, will let companies use “significant” judgment in valuing some assets, notably mortgage securities, rather than relying on current illiquid market prices.
FASB OK’d changes that will also boost capital on battered bank balance sheets. Big U.S. banks are expected to get a Q1 earnings lift of 20% or more from the new rules.
Do I see a bubble forming? This looks like the same bogus accounting garbage that helped create the current disaster.
More from Ken Silverstein:
Perspective — October 23, 2013, 8:00 am
How pro-oil Louisiana politicians have shaped American environmental policy
Postcard — October 16, 2013, 8:00 am
A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits
Percentage of Americans who say they would not enjoy spending time with their own clone:
Astronomers recorded the most powerful pulse of radiation ever observed; the radiation was emitted from a pulsar 12,000 light-years from Earth and was “capable of totally vaporising and ionising all known materials, shredding them into hot plasma.”
Alberta dentist Michael Zuk, the owner of a molar that belonged to John Lennon, revealed that he hoped to clone a new Lennon and raise him as a son. “Hopefully keep him away from drugs,” said Zuk, “but, you know, guitar lessons wouldn’t hurt.”
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Science’s crisis of faith