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Politics : American Presidential Politics and foreign affairs

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To: Peter Dierks who wrote (33984)	3/12/2009 7:36:22 AM
From: DuckTapeSunroof	Read Replies (1) of 71588

Re: [ROTFL "can anyone recall when the FASB has been timely?] "No! They mull a rule change for a year. The new international standards are even worse than FASB." AGREE that accounting rules changes move like molasses in winter. And that the current, (& extremely urgent), problem of accurately assessing the true values of asset-backed securities is just too critical an issue to WAIT for the accounting bodies to agree on a final regulation (which likely could take as long as end of this year or mid-next-year before final ratification of the change happens....) Re: " The best thing that could happen if Mauldin's analysis is close is for the Treasury, Federal Reserve and SEC to gang up and issue a few rules post haste." SOMEBODY needs to crack a very BIG WHIP and accelerate this matter. The normal slow-motion is not adequate now. (Perhaps the federal authorities could say to the accounting boards something like: You have two weeks to agree on the initial language for your rule change... and then we will put that in place, subject to final polishing and tweaking of the rule... which needs to then be rushed through final approval within three months....)

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