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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
Amount that President Obama has added to America’s “brand value” according to the Nation Brands Index:
A study suggested that the health effects of exposure to nuclear radiation at Chernobyl were no worse than ill health resulting from smoking and normal urban air pollution.
A Utah woman named Cameo Crispi pleaded guilty to having drunkenly attempted to burn down her ex-boyfriend’s house by igniting bacon on his kitchen stove.
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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.”