Sunday, April 25, 2010

Greek Bailouts For Everyone...

Well, this will be an interesting week as we'll hear that the bailout is on then we'll hear that the Germans are getting cold feet, then it will bailout booyah!, then we'll hear that the Germans are looking to buy Mexico as a way of getting out of the Euro, blah, blah.

The Greeks have been told to offer a real look at their budget cuts, but I suspect that the cuts will be less than impressive. Also, consider that the size of the bailout might need to be doubled. Should be fun to watch.

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The relaxing of long-held accounting standards has given us all a well-deserved reprieve from the gloom and doom of 2008 but here's the thing what if it's all just a fantasy...

"The SEC also ought to consider pursuing the Financial Accounting Standards Board for helping denigrate accounting standards to the point that so much smoke and mirrors could pass for legitimacy.

Had real accounting standards been at work, they likely would have prevented the banksters from walking away with fortunes while they built financial instruments of mass destruction."

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I spent some time reading some old mainstream magazines from the past month and I was stunned by the spin in magazines like Fortune/Money/Time, etc. It was as if there has been an industry wide decision to focus on rainbows and unicorns because advertisers don't like to buy ads in a magazine full of "real news stories".

There was article after article written with an upbeat slant and often supported with charts or graphs that told the exact opposite story. I felt like I could have changed the date on the magazine to March 2000 and it would have read exactly the same. Happy times are here again.

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Final note: congrats to my fellow Clayton runners Brian J. and Diane L. for completing the Kingston half-marathon. My aging body chose not to cooperate fully so my time was disappointing but I finished and I'll live to run another day --- maybe not tomorrow or any time this week, but some day :)

Cheers!

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