Bush Administration Deficits Secondary to Democrats not Paying Taxes

That headline might be a stretch …

Then again, it might not …

Maybe Barack Obama should nominate every Democrat for some position so their tax returns have to be audited. Then we might be able to reduce the National Debt significantly.

Geithner, Daschle, now Sibelius …

Is anyone keeping up with the total of what these people have wound up owing? And, why aren’t they having to pay penalties as well as interest … and interest on penalties … like everyone else?

Another “Mark to Market” Debate is Approaching

In an article published on CNBC’s website, Death To Mark-To-Market – Tomorrows Playbook – CNBC.com, it was pointed out that on April 2, 2009 regulators will again reconsider the official position on the “Mark-to-market” rule that was initiated in November of 2007.

This has become one of the most controversial aspects of the current financial crisis with support for maintaining the rule coming from such stalwarts as Tim Geithner, Ben Bernanke and Paul Volcker, all prominent players in the Obama administration.

Opponents of the “mark to market rule” aren’t without considerable financial expertise also.

Former FDIC Chair William Isaac placed much of the blame for the subprime mortgage crisis on the Securities and Exchange Commission and its fair-value accounting rules, especially the requirement for banks to “mark-to-market” their assets, particularly mortgage-backed securities.[6] Whether or not this is true has been the subject of ongoing debate. [7][8]

As mentioned in a previous article, Why Not Suspend “Mark to Market”? other noted experts such as Steve Forbes have also opposed the rule.

The issue was first addressed in this blog in the articles, Bail out, Investment or Moot Point? and Was John McCain Right About Wanting to Fire SEC Chairman Cox? « Earl says ….