(sorry to put this comment here; didn’t know where to find site for sending you information.) :)

http://www.irishtimes.com/newspaper/opinion/2008/1002/1222815457097.html

Unfortunately yes the…..EPA

For sure, you’ll enjoy the music!

Crank it up, and sit back, and enjoy!

Up here in Canada we are having an election as well. Our main Left Wing party is pitching a “Green Shift”. As the economy looks darker and darker, this is becoming less appetising (kind of like cat food); and less urgent. I am looking for a Right Wing (Conservative Party of Canada) majority win. If anyone can keep Canada from sliding into the Black Hole that is the American Credit Bubble, it is Mr. Harper (the Conservative Leader).

Taleb made a nice nest egg as a treader in the 90s and is now an engineering professor who enjoys dissing economists mis-use of statistics and use of inappropriate mathematical models.

If Tara Garnett and her trendy academic friends have their way and take away our alcohol and chocolate, I’ll be on the next boat over, mate.

Mind you, we’ve never had a War of Independence of our own, over here. Perhaps we will, before too long!

Most people here know that the case for CAGW is shockingly flimsy. I would submit that part of the reason CAGW has gained so much traction (notwithstanding the lack of evidentiary support) is that it confirms the worldview of people who hate big corporations, wealth, the USA, etc.

We don’t believe you.

Not a single word you say.

Why?

Do the words “read my lips – no new taxes” ring a bell?

We didn’t believe you when you said – “the credit crisis is well contained.”

We didn’t believe you when you said – “the worst is now behind us.”

We didn’t believe you when you told us the bill would be – “$150 billion.”

We didn’t believe you then and we don’t believe you now.

How dare you trot out a bumbling, stumbling, stuttering, slickster like the former CEO of Goldman Sachs who personally profited to the tune of a $700 Million Dollar personal fortune by sending our jobs to China so some fat cat Wall Street CEO could double the value of his stock options, grab some lobbyist created tax credits, and drop .09 cents to his bottom line.

Not to mention that he, his former firm, and his ilk, were the ones who created and profited from dumping all this toxic Wall Street paper on Main Street in the first place!

Any coincidence that Paulson tried to “bum rush” us into a bailout, right after Goldman Sachs started to collapse?

Bear Stearns – no problem.
Fannie & Freddie – no problem.
Lehman Brothers – no problem.
Merrill Lynch – no problem.
WAMU – no problem.
Goldman? – problem.

We all know there are no coincidences on Wall Street.

And now you want to keep your $40 million dollar apartment in Manhattan, your $10 million dollar vacation home in the Hampton’s, and the windfall profits you sucked out of America, just before you collapse it?

You want us to bail you out of bankruptcy, right before you send us (and America) into it?

You want bankruptcy reform for you – after you locked us into serfdom with the bankruptcy reform act of 2005 – right at the peak of the credit, and housing bubble?

You want a bailout – AFTER you locked us, our children, and America into debtors prison?

Relief, reform, and a bailout for you… and the bill & debtors prison for us?

You must really think we’re a bunch of chumps.

Well guess what Wall Street & Washington, while “this sucka may go down” this time YOU’RE going down with us.

Sincerely,
Main Street

Lehman Bros. got passed over for bailout – No body wanted Lehman Bros – They were on the wrong side of the market (maybe the carbon market) and didn’t have the capital to make good their gamble.

BTW Their computer model told them they couldn’t LOOSE.

David Segesta Said:
This is from a British paper. Its making it much easier to understand why our founders kicked the Brits out of our country.

Any room for a Brit who’s a little tired of Brittain over there? :)”

That would be fine by me. :)

David Segesta (11:12:48) :

What is your suggestion for ridding ourselves of Algore and the UN?”

Most of the American people are asleep at the switch. As long as that is the case no solution is possible. However, given enough time Al Gore and the UN will succeed in shutting down the country. When that happens people may wake up… maybe.

Until then don’t vote for the Rs or the Ds.

I don’t think it would. End users certainly wouldn’t gain any confidence if they can’t trust the numbers they’re looking at.

As far as I knew, FASB forced this on banks late last year. I never knew SOX had anything to do with it.

How else are you going to value securities like these currently under the microscope? There’s so much subjectivity built into these instruments that it’s a wonder some of the valuation methods ever passed an audit.

SOX will never be repealed. I know we accountants don’t care for the unintended consequences of it, but it’s not going anywhere. Anyone who even proposed it on the Hill would be committing political suicide.

http://www.youtube.com/watch?v=TxgSubmiGt8

This problem is just like global warming. Throw government money at anything, and you will get hysteria and panic. Government caused this crisis. Give the market time. Do not jump into a financial bailout. That will only prolong the pain. This is not 1929.

To lessen the pain, Congress only has to increase FDIC from $100,000 to $200,000 and repeal Sarbanes-Oxley (Mark-to-Market Accounting). This is mostly a crisis caused by sub-prime lending and accounting practices.

Jeff Wiita CPA