Ron Paul chair of FED Oversight committee?

[icm63]

Re: Ron Paul chair of FED Oversight committee?

What about FASB rules on mark to market, the DEMS of congress bullied the FASB to delay the return of 'mark to market'.

Could 'Mark to Market' of Bank loans return sooner than latter...wouldnt the FASB realise the door is open to bring back their preferred valuation method....

[Starving Steve]

Re: Ron Paul chair of FED Oversight committee?

How could you run a business, a bank, or a country on faith, hope, dreams, and wishful-thinking about what the market price of something really might be? Absolutely, mark-to-market is the only accounting in business, or in anything.

[icm63]

Re: Ron Paul chair of FED Oversight committee?

My question was, do you think the GOP control congress will let FASB board to re instate mark to market accounting sooner than latter ? As the DEMs did not allow it. They forced the FASB to postpone the return of these rules for years.

[ThePythonicCow]

Re: Ron Paul chair of FED Oversight committee?

Back to the term, "U.S. debt-peonage", I would think that the Americans have had a huge party and that they have expected the world to pay for their consumption. So what right do Americans have to be angry at the world for the mess they are in now?

If it were Americans paying the world, then you'd have a point. We Americans owe the world quite a bit, as you well observe.

Americans have no "right" to be angry at the world, and for the most part (except where a couple of hot button issues have been used to stir hatreds against illegal immigrants and Muslims) Americans aren't angry at the world.

We're angry at the Banksters, their elite controllers and their toadies in high government positions. They are the ones maneuvering us into debt-peonage just as they have so many nations. They are the ones deserving of our anger, just as they have earned the well deserved anger of so many others.

[ThePythonicCow]

Re: Ron Paul chair of FED Oversight committee?

Debts are going to be paid-back in full.

Some debt is not obtained honestly, and is not deserving of honest repayment.

If I steal the life savings of the old lady next door, then "kindly" offer to lend her money (the very money I stole) at usurious interest rates, thereby laying claim to most of her future pension checks as well, then that would not be an honest debt, and is not deserving of honest repayment.

The Banksters are doing with America as they have done with so many other nations before. The Banksters are stealing Trillions ("bailout", QE money and other favorable treatment from the Fed and the government). They will soon "kindly" offer to lend that money back to us at usurious rates and with any remaining valuable resources in America as collateral.

Dishonest debt, obtained by fraud, manipulation, theft, and deceit, should not be honored. It deserves default, not repayment. Those extending it deserve prison, not fine estates.

[Starving Steve]

Re: Ron Paul chair of FED Oversight committee?

My question was, do you think the GOP control congress will let FASB board to re instate mark to market accounting sooner than latter ? As the DEMs did not allow it. They forced the FASB to postpone the return of these rules for years.

I do NOT think much is going to come out of the GOP with regard to anything. And the tragedy of this mess is that the U.S. does NOT have the luxury of doing nothing about its fiscal mess while its debts and its spending and its QE (monetization of the debt) run wild. Time is not on America's side--- as the Americans seem to think.

I have written why the U.S. needs to re-write its entire Constitution because that document was a disaster from day-one. But Americans just don't get it. Maybe a good dose of hyper-inflation on top of starvation will shake some religious-right faith in that document.

Grid-lock is no longer an option, nor is faith an option, nor is credit an option, nor is "full-faith and credit" an option, nor is QEIII, nor trade war, nor xenophobia, nor anger, nor the two-party system an option..... Times have changed.

[Starving Steve]

Re: Ron Paul chair of FED Oversight committee?

Some debt is not obtained honestly, and is not deserving of honest repayment.

If I steal the life savings of the old lady next door, then "kindly" offer to lend her money (the very money I stole) at usurious interest rates, thereby laying claim to most of her future pension checks as well, then that would not be an honest debt, and is not deserving of honest repayment.

The Banksters are doing with America as they have done with so many other nations before. The Banksters are stealing Trillions ("bailout", QE money and other favorable treatment from the Fed and the government). They will soon "kindly" offer to lend that money back to us at usurious rates and with any remaining valuable resources in America as collateral.

Dishonest debt, obtained by fraud, manipulation, theft, and deceit, should not be honored. It deserves default, not repayment. Those extending it deserve prison, not fine estates.

Mortgages at 3.99% are a burden? And that is 3.99% nominal interest, not real interest. The 3.99% doesn't even cover the rate of inflation in the U.S, let alone anything near real rate of return on capital lent.

And the home-owner can deduct the mortgage interest from their income, so they get a tax-break on top of this.

I would think that the days are running-out for the world to put-up with this Bologna-Sausage. The U.S. has had it pretty darn good, living off of the savings of the entire world and consuming everything imaginable--- and then some toys beyond imagination.

While I slurp my parsley soup and get one-cent in interest on my savings, I should have sympathy for dead-beats in America squatting in McMansions, driving Hummers, consuming everything in sight, and cursing "big oil" and "big energy"? Excuse me, but I would think it is time that Americans "put their nose to the grindstone" and really did some work producing and exporting real products for the world economy......... As humiliating as it may be, for the first time in their history, Americans are going to have to cater to the needs of the world, and produce cheaper than the rest of the world can produce.

[Chomsky]

Re: Ron Paul chair of FED Oversight committee?

My question was, do you think the GOP control congress will let FASB board to re instate mark to market accounting sooner than latter ? As the DEMs did not allow it. They forced the FASB to postpone the return of these rules for years.

Not a chance in hell. Both parties are owned by FIRE.

[ThePythonicCow]

Re: Ron Paul chair of FED Oversight committee?

Not a chance in hell. Both parties are owned by FIRE.

Not a chance in hell ... unless FIRE wants it.

[tsetsefly]

Re: Ron Paul chair of FED Oversight committee?

Another possibility is that he gets the chair but then the subcommittee is sidelined.

THis is probably what would/will but hopefully wont happen...

[ThePythonicCow]

Re: Ron Paul chair of FED Oversight committee?

THis is probably what would/will but hopefully wont happen...

I betting that Ron Paul does get the chair, and that his committee is not sidelined, but rather does get traction.

Unfortunately, the end result will be to make the Fed worse, not to abolish it.

Isn't that what the politicos in Washington do? Identify a Big Problem, enact a Big Fix, and Make Things Even Worse?

In this case, the Fed will end up more compliant with global governance.