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Old 09-17-2008, 04:51 PM   #61
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the larger issue is containment.. Impossible when the bad loans from Stockton CA end up in China and Norway, and in everyone's "safe" garden-variety brokerage MMFs.
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Old 09-17-2008, 05:55 PM   #62
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Quote:
Originally Posted by ChrisC View Post
Can you provide the FASB rule that requires the mark on performing assets?
FASB Statement no 115

"Trading securites may include equity and debt securities. Mortgage backed securities held for sale related to mortgage banking securities are included in trading securities....
Trading securities are recorded in the balance sheet under current asset at fair market value.... to determine the fair value of debt securities in which market value price is unavailable, other valuation methods may be used, including present value of future cash flows."

Be happy to provide any other scintillating FASB that are desired...
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Old 09-17-2008, 09:59 PM   #63
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Is this thread ready for the Soap box yet?

My topic is a CNBC video about the financial crisis...
if you want to trash something, trash the troll posts.


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Old 09-17-2008, 10:14 PM   #64
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Originally Posted by Helena View Post
My topic is a CNBC video about the financial crisis...
if you want to trash something, trash the troll posts.
It doesn't matter what your topic was, posts in the thread turned into textbook political Soapbox material like this:

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Originally Posted by utrecht View Post
How did I know that this guy lives in California? (read: hes an overly liberal democrat)?

Bush gets bashed for Iraq and in the next sentence gets bashed for not doing something to stop Russia from moving into Georgia.
And this:
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Originally Posted by 2B View Post
There is a large contingent of people that live their lives to "hate Bush." He is the devil incarnate to them even though they seldom believe in God.

I personally think he's done a poor job but I don't live my life around that. I did vote for him 4 times (2 for gov and 2 for pres) only because the dems found even less desireable candidates to run against him. It's an unfortunate fact that elections don't have a "none of the above" option. Failing to vote doesn't achieve that.
And this:
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Originally Posted by utrecht View Post
I agree with you. I started out liking Bush but at this point I think hes failed on several levels, but at the same time hes nowhere near as bad as alot of people make him out to be.

Personally I think its ridiculous to think that the President himself has anywhere near as much control over every aspect of our lives as most people seem to think.

People have been complaining about healthcare, immigration, the economy, pharmacutical companies, energy...ect for as long as I can remember and they will still be complaining about that stuff years from now no matter who gets elected. McCain is not going to fix the healthecare problem and neither is Obama and to elect one of them based on the belief that they will is foolish.
As far as bashing troll posts, please identify them so appropriate action can be taken.
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Old 09-18-2008, 06:54 AM   #65
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Are we now worried about thread hijacking? That would be a first.

This has been a long running thread and is way off the original topic. I think the original topic has been exhausted. It has turned into one of several "oh no, the markets down" threads.
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Old 09-18-2008, 11:18 AM   #66
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I watched the whole thing, and I don't really disagree with what she's saying in general. I just get really annoyed with people who make up their statistics. I got in trouble for that in 7th grade debate club, and the lesson has stuck with me. As my teacher said, "lying to make your point is not a good debate tactic."
She must be really disappointed in today's politics, eh? I know I am.

Unfortunately they've actually made lying an effective tactic because they do it so unashamedly and many people just can't believe they'd really lie like that, so they believe them. It makes me crazy and very disheartened about the whole process.
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Old 09-18-2008, 12:35 PM   #67
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Originally Posted by Running_Man View Post
FASB Statement no 115

"Trading securites may include equity and debt securities. Mortgage backed securities held for sale related to mortgage banking securities are included in trading securities....
Trading securities are recorded in the balance sheet under current asset at fair market value.... to determine the fair value of debt securities in which market value price is unavailable, other valuation methods may be used, including present value of future cash flows."

Be happy to provide any other scintillating FASB that are desired...
Thanks for the information. But wouldn't most of the mortgage-backed securities held by Fannie or Freddie qualify as investment securities and not those held in a trading account under FASB No. 115? After reading the most recently quarterly report of Fannie, it appears that SFAS 157 might be causing the mark-to-market or fair valuation of securities held by financial institutions. This accountant makes the point here:The Accounting Onion: SFAS 157: 'Fair Value' is Not Fair Measurement for Illiquid Assets
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