Thursday, April 2, 2009

We're the Masters of the Universe and we're rich, rich, rich! Really we are, really....

Wall Street became as giddy as a school girl today. Not over any diplomatic coup or sweeping agreement to save the world economy but by a ruling from an obscure government board. The Federal Accounting Standards Board (FASB) basically did away with reality; without that pesky reality gumming up the works Wall Street can resume doing what it does best: pushing a lot of paper around and proclaiming that they are the Masters of the Universe and that they are rich, rich, rich! And how do we know that they are? Because they’ve got it all down on paper.

What the FASB did under pressure from Congress was to eliminate the Mark to Market Rule from accounting. This is (rather was) such a fundamental concept that you would not think there needed to be a rule, but what it said was: that any marketable asset held by a bank on its books had to be valued at the market price. Now that this reality has been done away with; nay, not just done away with but dragged from its abode and killed. It’s home burned, livestock slaughtered, well poisoned, the fields salted and the very speaking of its name banned for all time... err, I digress. Companies are now free to value their toxic assets at any price they so choose. Reality be damned!

This will tank any effort by the Treasury Dept. to sell off these toxic assets since they are now very valuable toxic assets as long as they stay on the books. It’s going to be business as usual and reality matters not. None of this "making of things to create wealth" or even balancing the books. We don’t have to, we are the Masters of the Universe and we are rich, rich, rich! This might have something to do with why the top three banks in the world are now owned by Red China.

3 comments:

Anonymous said...

sounds like masters of baiting, moreso than masters of the universe. we've had nothing but master baiters running this country for too long. that's why it's been run like a guckert from the talon news service, spooge bank.

truly sad. these fuckers have no clue what this tells us. they're lost in fucking space without either a helmet, or a clue they're missing theirs.

jesus fucking christ!

bill said...

I've read/heard that Congress has the power to force the filthy hand of the Wall Street "masters" in all this chicanery, but that they (most of them) are paid off one way or the other not to lift a finger against this grandest financial scam in the country's history.

Will The Fourth Estate--what was called "a free press" at the country's founding--ever reappear on a national scale sufficient to awaken, inform and stir We The People to in turn scare Congress to action?

Well, places like this (prairie2) are a promise that it's possible one of these days, one of these years--even against the tide of corporate money and power (ownership of the media) which sustains the mass dumbing and numbing down of the American masses.

Anonymous said...

They claimed a while back that they created their own reality. It is now evident they are living there also. The bubble is in thier heads... to wit the missing helmet.