Tag Archives: Barney Frank

RIP Mark-to-Market

The first good news to emerge since the start of the Financial Crisis came out yesterday as the remarkably dumb regulations requiring Mark-to-Market accounting were repealed. Maybe the government can do some good, after all.

Mark-to-Market (MtM) accounting, along with the Sarbanes-Oxley Act (SOX) were the two prime regulatory failures leading to the current crisis. Coupled with public mandated policy to extend mortgages into sub-prime markets through the facilitation of Fanni Mae and Freddie Mac, Mark-to-Market caused, and then accelerated, the financial crisis and lead to the failure of major banking institutions around the globe.

“But I thought it was the greedy bankers that did this?”

Yes, that is what you are being told. Targeting a small group for blame is easier than telling you the truth, that those bankers were working in a system created by gasp Washington.

It is nearly impossible for the current administration to say this becuse they have a vested interest in villifying a secret enemy of those that ‘did’ rather ‘that’ which did, because the ‘that’ is them. Now however, having exausted all other options their only recourse has been to do what works and change some really bad regulations. It took the French and Germans to beat it out of poor Mr. Obama though.

SOX and MtM came out of …

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Populist Outrage, It’s All The Rage

Populist outrage, it’s all the rage. Everyone’s doing it. Newsweek’s cover story screamed about it. Barney (“I want a list of names!”) Frank is leading it. Anarchist children in London are sharing their view of a utopian future by breaking windows (“In the future we will let in fresh air!”).

But, what it’s all about is a communal display of “blame the other guy, because I’m not at fault.”

The lack of integrity that is washing out of America, and that has now become a global virus, is a vast disgrace. Perhaps the greatest executor of this hideousness is Paul Krugman who had the temerity to insult every American this week in the Times. The severity of Krugman’s egregiousness comes for the fact that he knows better. Or should….

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