“Truth in Vending” 0
Bank exec decries “mark to market.”
What “mark to market means” is valuing assets based on what they are worth (the market value) rather than based on what the financial outfit which owns them wishes they were worth. Since Reago-Bushonomics was based on wishful theorizing, it’s proponents want their balance sheets based on wishful accounting.
“Like a horror flick monster that just won’t stay dead, FASB’s accountants are proposing to expand the application of mark-to-market accounting rules across the board to include all financial assets, including regular loans,” Wesbury said.
Gosh. Expecting them to tell the truth about what their businesses are worth is now a “horror flick monster” to bankers. There are, natch, the same bankers that ran their banks down the drain. Stuff like this is why.
“The truth shall set you free” becomes now “the lie shall set your fee.”
Words fail me.
