Wednesday
Feb202013
COMEDY GOLD: Mark To Market With Alan Grayson
'Let's change the length of inches so I'm shorter!'
Brilliant stuff from Grayson. We had never seen this clip until this morning. Fair value, mark to market, FAS 157 nonsense exposed. Robert Herz of FASB admits to widespread insolvency in the banking sector, and tells a classic story.
The witnesses for this hearing were:
Mr. James Kroeker, Acting Chief Accountant, SEC
Mr. Robert Herz, Chairman, Financial Accounting Standards Board
Mr. Kevin Bailey, Office of the Comptroller of the Currency
Reader Comments (15)
Right on. These same unicornists talk about the "recovery" without ever acknowledging the unprecedented trillions of dollars pumped into the banks by the Fed and about the alleged bounce back in housing without mentioning the record-low mortgage rates AND the astronomical seasonal adjustments that are the very foundation of these fantasies.
The 389K new home sales figure for September, for example, is heralded by the media, which omits both the fact that the unadjusted figure was 31K (!!!) and the fact that the Census Bureau has NEVER explained the methodology behind such adjustments.
http://www.zerohedge.com/news/2012-10-24/new-home-sales-highest-april-2010-until-one-reads-fine-print
Does the U.S. financial media serve ANY function beyond concealing the cirmes and insolvency of Wall Street?
And if I could read Hertz mind a little: he was thinking that the people have no idea how truly f'ed up things are and how f'ed we are and will be for a long while...
Watch these cowards shit themselves with absolute fear as they try to duck the question. For anyone wondering if these traitors are anything less than fully aware that they're willfully betraying the public's trust, this video will remove all doubts:
http://www.npr.org/blogs/thetwo-way/2013/02/14/172045516/watch-sen-elizabeth-warren-grills-regulators-on-taking-banks-to-trial
http://www.necn.com/02/16/13/Democratic-candidates-strive-to-stand-ou/landing_politics.html?blockID=831593&feedID=11106
[snip]
"I supported the position which John Kerry and Elizabeth Warren had, that that legislation was necessary to avoid the collapse of the entire financial system," said Markey.
Lynch voted three times against that bill and still thinks it was wrong.
In any event, Warren is a lot like Barofsky in that she showed up only AFTER Congress shivved Main Street in the liver by voting for TARP to perform the sickening task of minimizing fraud, etc. in the disbursement of funds.. Her COP reports (like Barofsky's SIGTARP reports) were absolutely scathing towards the parasite bankers. I doubt this Markey character has read so much as a footnote in either set of reports.
Shit just keeps piling up, along with our deficits and debt...