Futures and Options

Just another town along the road.

Sunday, March 28, 2010

Denying Reality

To paraphrase a line I picked up from another blogger, “It’s no major feat to ignore reality and pretend that laws can be erected to change any situation,” and we’re seeing more of this insipid parlor trick in the recent wailing and gnashing of teeth by House Democrats (led by the ever-delusional Henry Waxman) in response to Wall Street’s recent multi-billion dollar writedowns.  Waxman and his cronies are apparently aghast that Wall Street has the incredible temerity to follow SEC regulations which require that all companies immediately restate earnings to reflect changes to the present value of long-term liabilities, which includes tax liabilities.

I guess accounting irregularities are OK as long as those irregularities hide the government’s lies.

posted by Zenmervolt at 17:25  

No Comments »

No comments yet.

RSS feed for comments on this post. TrackBack URI

Leave a comment

In ignorantia confidenter praegredi.