Start here.
The main article.
Download the whole rant here.
Some excerpts:
Economist Wesberry is saying that if we change that one rule and don't force them to market down to market and just let them hold on to all the stuff, and say just on sub-primes for this period of time you can change that rule -- a temporary change -- that'll free the market up. It's seized right now; it's frozen. This will thaw it out and get it going again. He says that'll solve 60% of the problem ... and I think he's right.
That one accounting rule is what made Merrill Lynch sell out. That one accounting rule is what's driving other ones into the dirt. Would you rather let them change their accounting rule or loan them $700 billion for us to buyout their bad paper?
I'd rather them work their own crap out than change the accounting rule.
...Call your Congressman. Call your Senator. Tell them to change the mark-to-market accounting law and to extend insurance but extend no loans. If they extend loans - if they borrow the money on the national debt in order for us to all go into the mortgage business a trillion dollars - you're going to fire their butts and send them home.
I've talked with several people today, and it's on the tables in Washington, but it's not something you're going to see on TV. If you'll let your Congressmen know you know about this and that you'll vote against them if they don't vote to change the mark-to-market law and you'll contribute your money to make sure they never serve in office again. That's what you need to tell them early and often.
If you're pissed, this is the time to step up and do something about it, America! You can stop this! It's be railroaded down your throat, but you can stop them if you call them in mass starting now. READY ... SET ... GO!
That, my friends, is an epic rant.
2 comments:
I talked to the head of the accounting department here about this. In principle, it makes sense, but if we got rid of that rule then you'd have to overhaul the entire accounting system again. "Once you start down that road, you can't go back" was his quote in reference to the mark-to-market rule.
He also said "probably a bad idea."
Post a Comment