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The American Spectator (online) has been running an excellent series of articles on the damage mark-to-market accounting has been doing to our financial system. They have some real heavyweight authors, plus myself. I'm a heavyweight in a different sense.
The series is introduced by Editor-in-Chief, R. Emmitt Tyrrell, Jr. accessible from my article. Once there, you can follow the trail to the following:
Newt Gingrich,
Brian Westbury, FT Advisors
Edward Yingling, President of the American Bankers Association,
William Isaac, former director of the FDIC
Gary Wolfram, Professor of Economics, Hillsdale College
2 Responses to “Mark to Market in The American Spectator”
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December 17th, 2008 at 2:49 am
Bob did you change your webssie so we can no longer talk to you? I wanted to ask you if you accurately predicted what the fed would do today like the last and other times?
ALso I cought you on Kudlow today, the after the commercial portion. How do you like the way he asks a quesiont and tje person gets one sentence into their answer and he talks right over the top of them in that loud voice of his, never giving anyone a chance to finish a thought , unless it conforms to his ideological beliefs that anything the government does is evil. Snile. As usual you showed great patience.
I keep wondering what our lives would be like the next decade if those ideologues had been in the Treasury and the Fed. Thank God Bush appointed Helocopter Ben and the relatively liberal Paulson or I would be eating thin gruel. SMile.
And what is this inflation talk. Kudlow, Rogers and the gang have been screaming be afraid of inflation throughout the nineties, then throguout this decade and it never happened, and now they are screaming it again NOW , of all things. Ha ha ha. Yeah, lets be too paralyzed by our fear of Inflation so that we are too afraid to try to arrest the DEFLATION.
FInally, I know you have zero belief in this but I had a dream and bet 80000 on it that Microsoft would buy some aspect of Yahoo for 7 billion and that would sent the stock price of Microsoft from 21 or 22, to 24 upon the announcement. So Im on record here and we will see. THese stock dreams of mine keep coming true
Steve Lord, Santa Barbara, Ca.
December 17th, 2008 at 11:18 pm
Bob, Fed used to have a belief that it can’t identify bubbles in advance. This assumes market pricing is rational. What is suddenly the problem now?
Besides, do you really believe that house prices wouldn’t be falling today if mark-to-market was absent? You might not have had the mess in mortgage markets that we had last year – but it would have happened next year.