Who TF does this asshole think he is? F**k him. Waaah! Waaah! Equities and financials may crash and burn if we expect transparency and honestly in reporting asset values!!!! Let the banks and equity markets take their well-deserved beatings. http://www.bloomberg.com/apps/news?pid=20601109&sid=a1Qa_Q_PbGWc Fair-Value Accounting Is âHorror Flick Monsterâ: Chart of Day Share | Email | Print | A A A By Brendan Moynihan and Tom Contiliano Aug. 14 (Bloomberg) -- Investors should beware the Financial Accounting Standards Boardâs decision yesterday to consider expanding fair-value rules, said Brian Wesbury, chief economist at First Trust Advisors LP in Wheaton, Illinois. âLike a horror flick monster that just wonât stay dead, FASBâs accountants are proposing to expand the application of mark-to-market accounting rules across the board to include all financial assets, including regular loans,â Wesbury said. The CHART OF THE DAY, fashioned from one Wesbury is presenting to investors, tracks the performance of the Standard & Poorâs 500 Index since the Securities and Exchange Commission and FASB clarified the meaning of the rules in September 2008. âTwice the market was teased with a sense of potential changes for mark-to-market accounting. Twice those hopes were dashed and twice the market fell to new lows,â Wesbury said. The biggest reason that stocks have rallied since March, Wesbury said, is that the House Financial Services Committee forced FASB to loosen its mark-to-market rules. Other reasons for the rally are the easiest monetary policy in the Federal Reserve Boardâs 96-year history and the end of panic selling, he said. To contact the reporter on this story: Brendan Moynihan in Brentwood, Tennessee, at 9254 or bmoynihan@bloomberg.net Last Updated: August 13, 2009 21:28 EDT
Yep, its kind of like the child that murders his parents then asks for mercy because he is an orphan. These banks made their bed, now they should be made to lie in it.
Yes, Wesbury is a douche and its hard to believe he's still got a job. Here's a guy who insisted there was no problem all through 2007 and deep into 2008. After all, the Fed was cutting rates and bear markets and recessions are impossible when rates are falling! With the Dow below 10K and the economy cratered, he blamed the whole thing on mark-to-market accounting. To this day, he still has not acknowledged any forecasting error on his part.
What a dumb fvck!!! The Bank of Interantional Settlements has basically already dictated that mark to market be IN PLACE by Dec. 2010. We are getting to the point where jackasses can point the finger at the FASB...but, the bigger power behind the scenes is the BIS. http://www.bis.org/publ/bcbs157.htm -gastropod