Understatement

Taxes and Bonuses - Floyd Norris Blog - NYTimes.com:

The current power of the banking lobby is amazing. I have not been able to analyze the changes the Financial Accounting Standards Board is proposing to mark-to-market rules, but some people I respect think the board caved to political pressure. The banks whose excesses got us into this mess somehow have the ears of legislators, with the likely result being official sanction for the banks to fudge their books. As I wrote last week, I think the banks deserve some regulatory forbearance, but they should not be allowed to deceive investors.

Speaking of bonuses, the bank lobbyists have more than earned theirs for this year.

You know, people argue capitalism vs. socialism, freedom vs. state control, and so on. But I think the real issue underlying all social degradation is simply control over money. The political positions are just a smokescreen. It's all about controlling the money.

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