VideoAlan Rappeport, CFO.com | US
September 23, 2008
- Changes to Fair Market Value Accounting
It is clear that Fair Market Value Accounting is not working is this situation for securities. I would propose the following changes to FAS 157 for securities. FMA will apply in all normal marke conditions, except the following, unusual market conditions that can not provide a reasonable estimate of FMV for a security therefore present value of future net value (hold to maturity) is used. Unusual market conditions are defined as (the FASB will need to adjust this so the rules when this applies are clear and define a way to calculate the interest rate used for present value calculations) a market where there are no buyers for the asset do to risk not directly related to the asset being valued or buyers are not willing to pay up to 75% of the present value of future net value of an assetdo to risk not directly related to the asset being valued.
Posted by Mark Steppell | Sep 24, 2008 12:05 PM ET
- TELL CONGRESS TO SAY "NO!" TO PAULSON: Some notes on the Power Grab being made by Henry Paulson and Ben Bernanke...
Get a taste below, but for the whole shebang, please go directly to my blog at this address below (includes direct links to the videos and such):
http://www.HumanBeingsAreFree.blogspot.com/2008/09/tell-congress-to-say-no-to-paulson-some.html
The current World Bank President is Robert B. Zoellick. Prior to joining the Bank, Zoellick served as Vice Chairman, International of the Goldman Sachs Group, and Chairman of Goldman Sachs' Board of International Advisors 2006-2007. I think it is VERY important to note that Secretary of the Treasury Henry Paulson, the man who is now essentially telling the US Congress that they must give him dictatorial powers over the American economy, was formerly the Chairman and CEO of Goldman Sachs. And now, among the Wall Street investment bank giants, Goldman Sachs is now one of the two left standing. Coincidences? No way! Cronyism and Insane Power Grab? Absolutely.
The U.S. Congress, the beleaguered power that they are, does have the power to say "no" to this, but it looks like they actually may pass it! The proposed bill, which is so short (849 words!) anyone can read it and readily understand that constitutes financial dictatorship, is being argued for as I write now. If you do anything today to try to stop this nation's downfall, please tell your Congressmen and tell everyone you know to tell their Congressmen that this bill is UTTERLY UNACCEPTABLE. It is the equivalent of the Patriot Act for finance, and it is one of the final steps in the shredding of our Constitution.
Say NO now... it is getting very late in the game, and fast.
Here you can read the text of the LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY TO PURCHASE MORTGAGE-RELATED ASSETS, along with a bit of helpful commentary: Http://www.economicpopulist.org/?q=content/text-bail-out-act-congress-take-action-now
ACT NOW!
You may ask, "Won't the economy collapse if the Congress does not take this step?" Of course it will! It's going to one way or another. The U.S. Dollar has been completely devalued already. The question is, do we make it much, much harder on ourselves by extending the imminent Depression into the far reaching future (by bailing out rich speculators), or do we deal with things as we must now, with our remaining liberties and sovereignty in tact? Here's a bit from Ron Paul about the matter: Late Edition With Wolf Blitzer Guest Ron Paul (~7 min.): Direct Link: http://www.youtube.com/watch?v=A2DK3gytzBk
RESEARCH ON PAULSON AND WHY WE SHOULD SAY "NO!" NOW:
http://www.HumanBeingsAreFree.blogspot.com/2008/09/tell-congress-to-say-no-to-paulson-some.htmlPosted by Free HumanBeing | Sep 23, 2008 7:11 PM ET
