There seems to be alot of this “delaying the pain” going on, I found this on BigPicture concerning derivatives.
“FASB: OK For USA to Turn Japanese
Wednesday, July 30, 2008 | 09:30 PM
in Derivatives | Legal | Valuation
Just when you think there is a glimmer of hope that some of these ne’er do well, lying, cheating, sniveling, cowardly bank CEOs might finally be forced to step up to the confessional and tell all, this comes along: FASB Postpones Off-Balance-Sheet Rule for a Year.”
“The longer they wait, the worse it ultimately will be. The long Japanese Recession (1989-2003) was caused by precisely this refusal to take the markdown, and engage in all manner of delays, excuses, procrastinations. Eee-diots — This only will make it worse!”
Japan pulled out all of the stops and their land prices fell for 14 years. I am not saying we are the same as Japan in 1989 but it appears we are taking many of the same steps they did.
