On Thu, 02 Oct 2008 13:46:44 -0500, Ignoramus23721
wrote:

I feel very fortunate that the 700 billion bailout will save the
wooden arrows manufacturers 200,000 per year.

Call your congresscritter and urge them to support this historic
bailout, or else the economy will cease to exist as of the past
Monday, and we all will be left without money and wooden arrows.

================================================= =====================
For summary [1 page], complete text [451 pages] and
section-by-section analysis [6 pages] of the "EMERGENCY ECONOMIC
STABILIZATION ACT OF 2008" in pdf format click on
http://banking.senate.gov/public/ind...h=10&Year=2008

Other than the pork-pork-pork in the bill, section 132 sumarized
as "Section 132. Authority to Suspend Mark-to-Market Accounting.
Restates the Securities and Exchange Commission’s authority to
suspend the application of Statement Number 157 of the Financial
Accounting Standards Board if the SEC determines that it is in
the public interest and protects investors." returning to Enron
style "mark to 'bong hit' asset valuation" is of the most
concern.

The "mark to market" requirement was introduced by the FASB
specifically to force accounting to report the actual net worth
of an organization as of the time of the report rather than what
it might be in 6 months or a year if everything went right, or
what the CEO was "just positive" it was worth.

It is the most blatant logic choping to complain that "we can't
tell what an asset is worth because there is no market for it."
If there is no market for it, then the asset is worth zippo, at
that time. If the most you can sell it for is 0.22$ per dollar,
then that's what it's worth at that time.

As a suggestion, why not pay the executive bonuses, deferred
compensation, etc. and any severence in CDOs if these are such a
good deal. Just use the discounted rate that they sold these to
the government for when calculating their payout.

For the name, phone/fax numbers and web mail of your
representative see http://www.house.gov. For their voting record
on the last "bailout bill" see
http://online.wsj.com/article/SB1222...73-search.html

Hint: Book mark the webmail sites for your senators
[http://www.senate.gov] and representative in your browser. Just
like speed-dial but cheaper.

Remember -- it's your 2,300$ [per head] of tax money just for the
ante in this game.


Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).