[Cynus]

Change you can believe in, ha ha!

From http://www.bloomberg.com/apps/news?pid= ... 8GMXGDnlws

March 16 (Bloomberg) -- The Financial Accounting Standards Board, pressured by lawmakers to change the fair-value rule blamed for worsening the financial crisis, proposed permitting companies to use “significant judgment” in valuing assets.

Companies would be able to apply the revised rule to their first-quarter financial statements, FASB Chairman Robert Herz said today during a meeting at the U.S. accounting rulemaker’s Norwalk, Connecticut, headquarters. The board is set to vote on the proposal April 2, after a 15-day public comment period.

[ReverseEngineer]

Change you can believe in, ha ha!

From http://www.bloomberg.com/apps/news?pid= ... 8GMXGDnlws

March 16 (Bloomberg) -- The Financial Accounting Standards Board, pressured by lawmakers to change the fair-value rule blamed for worsening the financial crisis, proposed permitting companies to use “significant judgment” in valuing assets.

Companies would be able to apply the revised rule to their first-quarter financial statements, FASB Chairman Robert Herz said today during a meeting at the U.S. accounting rulemaker’s Norwalk, Connecticut, headquarters. The board is set to vote on the proposal April 2, after a 15-day public comment period.

"Significant Judgement"? WTF is that? The only kind of Judgement the Banksters have is BAD Judgement.

Basically, this makes any balance sheet, any statement of profit and loss complete fantasy. I don't care WHAT numbers the Stock Market puts up with this kind of Accounting nonsense, its absolutely MEANINGLESS. Nobody will be able to tell what ANYTHING is worth. Its going to freeze up markets even worse. Paulson & Geithner, aka Dumb and Dumber. You just can't GET stupider than the people running our financial system. Yeesh.

Reverse Engineer

[Prince]

It's been said that the M2M rule will (or would have) prevent banks and other corporations from falling deeper in the hole during this downturn. I wonder if that same rule follows on the way up. In other words, if this M2M rule had been reinstated in 2002, these companies most likely would never have had the faux gains, profits, and success they enjoyed. But maybe now if they set their own valuation targets via "significant judgment", the house of cards can endure just a while longer (I have no f-ing clue how, but we'll see).

[kpeavey]

"significant judgement" is doublespeak for "lie your arse off, say whatever you like, make it up as you go"

in much the same way, "economic downturn" is doublespeak for "collapse of the global economy"

[Quinny]

Once again reality is stranger than fiction!

[Rod_Cloutier]

Mark to make will appear in the job market as well. As employer's no longer pay employees based on expectations of rapid growth. New employees will be paid actual value for what their skills are worth. Expect wages for any new jobs that are being created to drop signifigantly.

I'm looking for work myself, and I find people are offering jobs that pay $12.00 an hour. My dad worked in a unionized workplace in 1980 and he was paid $12.00 an hour at that time. If wages haven't risen in 29 years, certainly we can't expect wages to rise now, in the current economic crisis.

The minimum i need to break even on my household bills is $16.00 an hour. Any less than this and I'll be retrenching too, cutting off the cable tv, cutting the alarm service, eating out less, going to movies less, ect. Then all the people into those cut industries will have to retrench as well. Laying off, and then the cycle repeats with all their laid off employee's.

[highlander]

Hey, if it raises confidence in the system and DOW rises, what can be wrong with that!

[gnm]

Hey, if it raises confidence in the system and DOW rises, what can be wrong with that!

Massive inflation?

-G

[Prince]

Hey, if it raises confidence in the system and DOW rises, what can be wrong with that!

I hope you're being facetious; one can never tell online. These are the same selfish antics that got us into the problem we're in now. In addition to inflation, as gnm noted, we prolong the time it will take to truly stabilize the system, and in the recovery takes much longer. Also, if the market spikes up without real earnings and value, people get a false sense of security and will spend themselves into more debt. This would be manageable in cases, but the Fed has already used all of its bullets to fight this problem. Gone are the possibilities of lowering interest rates, trillion-dollar bailouts, bank bailouts, housing/credit bubble--we've already played those cards.

[gnm]

So heres why the rally... Mark to Make Believe granted! Whoohoo! Now lets get out there and buy some toxic assets! Yay!

http://news.yahoo.com/s/nm/20090402/bs_nm/us_markets_stocks

-G

[UltraViciousBudgie]

I tried using "significant judgment" and wrote myself a check for one million dollars. For some reason the bank won't cash it.

[ReverseEngineer]

I tried using "significant judgment" and wrote myself a check for one million dollars. For some reason the bank won't cash it.

You should have signed it "Ben Bernanke". That signature works every time.

Reverse Engineer

[Fiddlerdave]

How can making any piece of paper you have worth whatever you say it is worth going to "inspire any confidence" in ANYONE? That is where we are NOW!

Maybe some US citizens will sucker into such investments, but the international investors are damn sure done with that kind of trust.

[jupiters_release]

You just can't GET stupider than the people running our financial system. Yeesh.

Reverse Engineer

I wish I were as stupid as they, I'm willing to sacrifice my intelligence to make trillions off the public.

[AAA]

I wish I were as stupid as they, I'm willing to sacrifice my intelligence to make trillions off the public.

You can or should I say you could. All you had to do was buy some bank stocks or a financial etf recently.

Several of my bank stocks I bought in early March have more than doubled in a month and the financial etf I bought is doing quite nice too.

[jupiters_release]

I wish I were as stupid as they, I'm willing to sacrifice my intelligence to make trillions off the public.

You can or should I say you could. All you had to do was buy some bank stocks or a financial etf recently.

Several of my bank stocks I bought in early March have more than doubled in a month and the financial etf I bought is doing quite nice too.

If I had insider info maybe I would, but I don't think Banksters give equal opportunity for all retards.

[TheDude]

How can making any piece of paper you have worth whatever you say it is worth going to "inspire any confidence" in ANYONE?

With the full confidence of my 3907 posts I tell you that M2M will inspire the markets to go up.

[UltraViciousBudgie]

I tried using "significant judgment" and wrote myself a check for one million dollars. For some reason the bank won't cash it.

You should have signed it "Ben Bernanke". That signature works every time.

Reverse Engineer

Or I can wait for Ben and Timmy to work their magic. Soon I'll be writing million dollar checks to pay for groceries.

[ReverseEngineer]

I tried using "significant judgment" and wrote myself a check for one million dollars. For some reason the bank won't cash it.

You should have signed it "Ben Bernanke". That signature works every time.

Reverse Engineer

Or I can wait for Ben and Timmy to work their magic. Soon I'll be writing million dollar checks to pay for groceries.

If it makes it that far, which I doubt, I suggest brushing up on your Scientific Notation. You'll run out of space for Zeros on your check without it.

Reverse Engineer