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This problem is not complex nor difficult to understand. This crisis is the
Oct 05 11:26 am
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All Comments by ddearborn »Mark-to-Market vs. Mark-to-History [View article]
natural outcome of an extended pyrimid scheme that finally went bust. The only difference this time is that the bad guys got the victims (taxpayers) to pay the piper and they walked away. Even Accounting rules never trump dishonest business practices. If they did we would be in this mess.