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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 acres of forest Henry David Thoreau burned down in 1844 trying to cook fish he had caught for dinner:
The bombardier beetle, which can fire liquid at its enemies from its rear end at up to 300 squirts per second, was being scrutinized in the hope of building a better airplane engine.
London Fire Brigade investigators blamed a building fire in South London on a bird that carried a lit cigarette to its rooftop nest. “Smokers,” said neighborhood baker Richard Scroggs. “What can you say?”
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“American politics has often been an arena for angry minds.”