Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Lazarus_Long who wrote (535446)	2/4/2004 6:03:43 PM
From: DuckTapeSunroof	Respond to of 769670

I don't think AG's performance has been very good in recent years (nearer to the end of his long career, than to the beginning)... and my personal opinion is that central banks are TOTALLY incapable of 'managing the economy', and should not even try --- their role should only be to maintain a stable money supply. Be that as it may though, the REAL CAUSE of the bubble was over-valuation of financial assets, spurred on by the GAPING hole in our accounting & tax systems that encourages companies to issue equity options (and take an immediate tax write-off for the 'expense') but that does not require them to show this 'expense' on their balance sheets. Microsoft blazed the way, and the rest of the world rushed to take advantage of the same dishonest accounting practice to artificially inflate their reported 'earnings' and to artificially reduce their taxes. Long before the bubble ever developed the SEC Chairman Authur Levitt (aided and backed over several years by Clinton, Treasury Sec. Rubin, and in repeated Congressional testimony: Alan Greenspan) launched a crusade to eliminate this corruption of our accounting and tax systems --- by requiring that option expenses be declared if the tax write-off is used --- BUT THEY WERE DEFEATED BY WELL-HEELED LOBBYISTS AND CAMPAIGN CONTRIBUTION-SEAKING WHORES IN CONGRESS. If the reforms the SEC and FASB wanted had been enacted, there would have never been a bubble. Foremost in KILLING accounting reform (for which they were well rewarded in business campaign contributions) were Senators Lieberman, Dodd, Armey, and Breaux... and a host of 'Corporate Roundtable-type Republicans' --- who sold the public out!!!!!! Don't you worry about any 'cheerleaders' --- the killing of financial reform IN THE EARLY NINETIES is what produced the bubble.