Ironically, in typical Washington and Wall Street fashion (remember the proverbial revolving door between business and political “service”) the bailout legislation engineered by Washington further allows Wall Street accountants to cook the books, postpone recording losses, and suspend fair value accounting at the Securities and Exchange Commission (SEC).
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I suppose a temporary placebo is preferred in Washington over market transparency. Evidently lame duck President George W. Bush would like a bit more breathing room before he is replaced. Incidentally, President Bush has broken the record for most days spent on vacation as a U.S. President, by far surpassing President Ronald Reagan amassing more than 500 days on holiday.
Is it any wonder the U.S. economy is in deep recession and nearing depression?
If you have any brains, protect what is left of your life savings by buying gold, Euros, or Chinese yuan. Sell your dollars before they decline and devalue overnight.
