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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
Estimated additional hours Americans would spend stoned annually if marijuana were legal in most states:
Researchers at Johns Hopkins University said that most alcohol-related airplane accidents happen at night and in bad weather.
A waitress in Chengdu ate a cockroach in response to a complaint by a customer who had discovered the bug in his salad. “You will always find cockroaches in the food,” she told him. “It is very normal.”
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“I hope that after reading the following pages the leaders of the Y. M. C. A. will start a campaign to induce good young men to do nothing. If so, I shall not have lived in vain.”