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A bunch of politicians (accounting newbies) questioning accountants
C-span video here.
All right, more finger pointing. Now people (oh, I mean Wall Street and their friends at Washington) are blaming mark to market (wiki), for the financial crisis.
This is almost same as blaming starbucks for one’s coffee addiction problem. Coffee, if consumed modestly, is good. But if one drinks more than 6 cups a day, he/she basically will get caffeinated.
Similar thing can be said to M2M, M2M is not the cause of this downward spiral, the overly leverage IS.
When politicians started play with accounting rules, I think rational investors will become really nervous.