Friday, March 6, 2009

Sometimes, the details matter...

Steve Forbes Says Barack Obama's Economic Policy Repeats George W. Bush's Mistakes:
"Mark-to-market accounting is the principle reason why our financial system is in a meltdown. The destructiveness of mark-to-market -- which was in force before the Great Depression -- is why FDR suspended it in 1938. It was unnecessarily destroying banks."

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