unimpressedpragmatist

Alternative Bailout Plan: Good and Bad Ideas

It is evident from several of the comments from respondents that they do not understand mark to market and its destructive effects on a company's inventory values. Mark to market leads to chaos as every sale revalues the inventory creating turmoil of ever changing asset values. No company's balance sheet is worth a damn that changes asset values multiple times each day. This entire concept is ridiculous and antagonistic to good business practice.

The older accounting practices of LIFO and FIFO lent stability and provable value to a company's assets. Investors had a good feel for their investment under such conditions. Mark to market is an example of clueless Democrat/Socialist do-gooder tinkering in an area they did not understand or comprehend the disaster they were building. Suspending it would give the market and business an immediate boost and restore confidence in the value of a company's assets.

Of course, if you are a Democrat who backs the Marxist philosophy of Obama, you neither understand the concept nor favor the end of the current crisis. If you are successful in electing the empty suit from Illinois, you will discover what real chaos and catastrophe are.

As to the bailout, a.k.a., Democrat CMA for supporting the collapse of Fannie and Freddie and accepting bribes in the process, it will be a disaster for the taxpayers as insurmountable debt is piled upon exponentially expanding liabilities. However, the miscreants of Wall Street will retain their homes in the Hamptons and their mid-Manhattan penthouses, increase their personal worth through egregious golden parachutes, and reap billions of dollars in profits as Paulson buys their 20-cent paper for 80 cents. Is that what We the People want? Absolutely, NO!

Give a cheer and show appreciation to those Republicans and Democrats in the House who stood up for the taxpayers and defied the leadership and self-interested Paulson. They deserve to remain in office in November while the rest of them must be heaped on the worthless debris of history.

God bless the patriots who protect this nation from its destructive, incompetent, and self-interested representatives in government.