[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]

$this->bbcode_second_pass_quote('Cynus', 'C')hange 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.

[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]

$this->bbcode_second_pass_quote('highlander', 'H')ey, if it raises confidence in the system and DOW rises, what can be wrong with that!

[Prince]

$this->bbcode_second_pass_quote('highlander', 'H')ey, if it raises confidence in the system and DOW rises, what can be wrong with that!

[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]

$this->bbcode_second_pass_quote('UltraViciousBudgie', 'I') tried using "significant judgment" and wrote myself a check for one million dollars. For some reason the bank won't cash it.

[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]

$this->bbcode_second_pass_quote('ReverseEngineer', 'Y')ou just can't GET stupider than the people running our financial system. Yeesh.

Reverse Engineer

[AAA]

$this->bbcode_second_pass_quote('jupiters_release', '
')I wish I were as stupid as they, I'm willing to sacrifice my intelligence to make trillions off the public.

[jupiters_release]

$this->bbcode_second_pass_quote('AAA', '')$this->bbcode_second_pass_quote('jupiters_release', '
')I wish I were as stupid as they, I'm willing to sacrifice my intelligence to make trillions off the public.

[TheDude]

$this->bbcode_second_pass_quote('Fiddlerdave', 'H')ow can making any piece of paper you have worth whatever you say it is worth going to "inspire any confidence" in ANYONE?

[UltraViciousBudgie]

$this->bbcode_second_pass_quote('ReverseEngineer', '')$this->bbcode_second_pass_quote('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]

$this->bbcode_second_pass_quote('UltraViciousBudgie', '')$this->bbcode_second_pass_quote('ReverseEngineer', '')$this->bbcode_second_pass_quote('UltraViciousBudgie', 'I') tried using "significant judgment" and wrote myself a check for one million dollars. For some reason the bank won't cash it.