Friday, April 3, 2009

Stock Market Rallies

Rescinding the mark to market accounting rule caused the recent stock market euphoria. As I said earlier, that rule exaggerated assets during boom times and exaggerated bank losses in bad times. In fact, I stated my opinion in the most emphatic terms possible while avoiding profanity when pleading with my Congressional Clowns to not vote for the original TARP bill. Had it been rescinded last September at the beginning of the crisis, the world’s financial circumstances would be much better than it is now. According to some, the bull market will likely continue until April 15, the deadline for 2008 retirement fund contributions.

No comments: