tag:blogger.com,1999:blog-6762928.post4929450777077187043..comments2024-01-03T05:23:36.046-08:00Comments on The Citizens: McCain's Economic Phil-osophyUnknownnoreply@blogger.comBlogger5125tag:blogger.com,1999:blog-6762928.post-6764443359959617852008-09-17T13:25:00.000-07:002008-09-17T13:25:00.000-07:00Damn him all the more, then.Damn him all the more, then.The Law Talking Guyhttps://www.blogger.com/profile/17886791396468512490noreply@blogger.comtag:blogger.com,1999:blog-6762928.post-53301846370062146822008-09-17T10:11:00.000-07:002008-09-17T10:11:00.000-07:00I also heard Mccain invented the blackberry the ot...I also heard Mccain invented the blackberry the other day!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6762928.post-77280817324861548892008-09-17T07:17:00.001-07:002008-09-17T07:17:00.001-07:00This comment has been removed by the author.The Law Talking Guyhttps://www.blogger.com/profile/17886791396468512490noreply@blogger.comtag:blogger.com,1999:blog-6762928.post-30272183965544179022008-09-17T07:17:00.000-07:002008-09-17T07:17:00.000-07:00I strongly recommend this piece:http://www.ft.com/...I strongly recommend this piece:<BR/><BR/>http://www.ft.com/cms/s/0/49a481fe-8406-11dd-bf00-000077b07658.html?nclick_check=1The Law Talking Guyhttps://www.blogger.com/profile/17886791396468512490noreply@blogger.comtag:blogger.com,1999:blog-6762928.post-20377176112273335662008-09-16T12:44:00.000-07:002008-09-16T12:44:00.000-07:00An excellent example of where regulation is absolu...An excellent example of where regulation is absolutely essential to a functioning economy is the area of accounting rules. <BR/><BR/>Prices are efficient means of telling the market how much supply and demand there is only when buyers and sellers (say of stock), actually have good information about the value of the thing they are buying and selling. In the case of stocks or other financial doodads (like mortgages or bundles of mortgages), that requires clear and accurate reports from accountants. <BR/><BR/>One of the under reported aspects of this ongoing financial crisis is that the companies that are failing now were using fuzzy accounting methods that over stated assets and concealed debts - especially bad debts. They were able to get away with that because Republican control over both the accounting regulations and their enforcement has favored big business so long as problems didn't become public political liabilities (like this weekend or with World Com or ENRON). <BR/><BR/>To be fair to the accountants, they can only report what the CEOs tell them. If the CEO's give them doctored reports or withhold critical information from them, the accountants can't do a proper audit. <BR/><BR/>When this whole system breaks down, you get overvalued companies that are selling stocks at high prices despite the fact that they are on the verge of collapse. Then when they do suddenly cave in on themselves, the market is faced with a huge shock instead of a slow decline.Raised By Republicanshttps://www.blogger.com/profile/03461006522141969925noreply@blogger.com