Common sense commentary on the covid 19, politics and the economy.
Mark to market discussions may lead to changes or a relaxation of the the rules so banks can have more flexiblity when pricing assets. The link for an article in Business Week is where you can read the entire story.
http://www.businessweek.com/bwdaily/dnflash/content/apr2009/db2009041_492116.htm?chan=top+news_top+news+index+-+temp_policy+%2Bamp%3B+government
Completely ridiculous. Banks have used smoke and mirrors until they couldn't get away with it any longer, they come to government for a handout so they can clog the entire financial system because the accounting rules to work to their advantage. We have pumped billions in to these banks and they could have been selling the toxic assets all along the way. They have delayed and cost all of us billions and brought the economy to a halt and we keep giving them more money. The banks with help of congress have fleeced the taxpayer. Why don't well all try to get the same deal? we can wait for better prices for our house, but we have to pay, they banks are doing the same thing and they aren't paying. The government is paying the to sit on assets or they would have had to sell by now. This is crazy.
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