It’s killing Arianna, but last week’s easing of the mark-to-market rule is giving economic recovery a chance.
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Even in the midst of last year’s market meltdown, the obstinate then-Treasury Secretary Henry Paulson refused even to consider suspending mark-to-market to ameliorate the crisis. A few months before the September stock market crash, Paulson said he believed in mark-to-market: “I think it’s hard to run a financial institution if you don’t have the discipline which requires you to mark securities to market.”
It’s also hard to run a financial institution when it’s being knee-capped by ill-considered, anti-growth accounting rules.
The easing of FAS 157 is no panacea, but it’s a step in the right direction. Kicking the nation’s lending institutions when they’re down will not bring back America’s prosperity.
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
Was the President done in by the economy, or by the politics of the economy?