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Barney Frank & Chris Dodd 110th Congress upon taking office immediately pass FASB 157 which changed the accounting standards for the way banks had to mark Subprime assets to the Market Value of that days close. THEY KNEW that as these loans went bad this would create a never ending domino effect of falling assets even when 90% of the mortgages contained in a package may be good. THEY CRASHED THIS ECONOMY ON PURPOSE! They want the banks to be as CHEAP pennsylvania POSSIBLE when they buy them. Why else haven't they changed the rules back so that the banks can offload these Subprime loans from their balance sheets. There are plenty of buyers willing to take them but the banks can't sell them for 0.
Your question and your details are discordant. To briefly answer the question, we are approaching a socialist society to the extent that we accept socialist principles. Socialist principles embody a philosophy that society exists as a whole. It therefore places less emphasis on the individual and his rights. While our society does continue to give some rhetorical importance to individual rights, the practice of democracy, of rule by We The People, is closer to socialism than to a society based upon individual liberty. This notion of running society by the will of majority leads inexorably to socialism. Now, to your details. Part of my job duties are to manage the FAS 157 valuations of some insurance liabilities. So I can speak with some authority on this. First off, FAS 157 did not introduce fair value standards. It only had the intention of clarifying them. Ironically, in some respects the range of practice was wider after the standard's implementation. You write that Frank and Dodd knew that mark to market would have a domino effect that would crash the economy. I guess that I don't know the minds of these men, but I doubt it. Mark to market is something that financial industries have wanted. While I don't necessarily think that its implementation has been wise in all circumstances, it most definitely did not start in Congress. You ascribe foresight to members of Congress while financial professionals were ignorant. I just can't follow this view. Regarding your assertion that FAS 157 was supposed to lead to cheaper valuations, that is just contrary to industry practice. Having been through some acquisitions, I can assure you that we don't blindly look at GAAP reporting. We perform our own valuations and tender according to our own market view. FAS 157 did not change that. I do think that declaring a company insolvent based solely on market values is a flawed view. It should be one component of the view. Unfortunately, the presence of the SEC makes these accounting valuations very real. If a company is found to be insolvent by the standards of the FASB, the SEC has the mandate to force liquidations and other measures. In a more free economy, mark to market would not be a problem. The stakeholders in question (shareholders, management, creditors, etc.) could manage the question of solvency. The crisis today is largely born of our acceptance of socialist principles as you charge - that the economy may be dictated from a single seat. But we have been espousing those princip
This has been in the making for decades. It is a plan hatched by ultra-rich industrialists back in 1913 (do research on history of Federal Reserve and Rockefeller family) - to one day have a global government. In order to finalize their plans, the 'powers that be' behind the scenes needed to crash the US economy (along with other things like the Iraq war) to weaken the US, and cause economic panic, not just in the US, but worldwide. Then they will come with 'relief' in the form of oversight committees, world court, centralized military, etc. What people fail to realize is that members of both parties have been, and are currently involved with this group. Research Council on Foreign Relations, Trilateral Commission, Club of Rome. Bush 1 and 2, the Clintons, and Obama are all globalist pawns. Of course they knew of the domino effect, and it was planned. This is the only way to keep the American people in the dark about their true agenda - ruin the economy, and while people are scrambling to stay afloat, implement policies and laws that set us up for integration into the global government. Yes, people should wake up!
We are getting there by the clowns that voted for OBAMA!!!! He overturned Stemcell today!!! The current administration doesn't want the private sector to pay for it because they want the government to manage and handle EVERY aspect of our lives. Banking and Finance, Enegy, Medicine even Auto Manufacturing, Soon they will find a way to have to jump in and bail out some manner of transportation of consumer goods. Once they have "bailed out" all of these companies, Big Brother will then own all or part of that business and can then protect their interest by stepping in and running it the way they want. Before too long they will be the biggest strongest organization in that field and no other private company will be able to compete. It's called Socialism, read about it. By the way? When are they due to start on the bridge to Cuba?
To get the dicatorship/"free market" socialism the govt. would have to seize the means of production from the private individuals and corporations that have them. Taking over banks is a step towards a centralized socialist society but we are not there yet. Imo no matter what economic system we have the United States always leans toward oligarchy.
Yeah, and Republicans were behind 9-11. Go and play with the rest of the conspiracist loons. Google: try and go beyond it sometime.