So I’m not close to an economic or accounting expert.  However, I’ve been in business for a while and the current request by financial firms on Wall Street that FASB 157 be suspended is ludicrous.  I won’t even attempt to articulate all the reasons why…I’ll leave that up to Barry Ritholtz in this post.  However, the thought that a company can hide the true value of their asset simply because it has dropped in value below what they are willing to bear is insane.

Amidst this entire credit/financial crisis, the underlying theme seems to be people abdicating their responsibility to another.  Wall Street blaming Washington for not keeping them in check.  Investors/companies seeking “get rich quick” schemes to create new trading mechanisms for which the existing rules don’t work.  Bankers and Lenders greedy to get rich quick by throwing money at consumers to buy homes they couldn’t afford or qualify for.  And Consumers buying homes they knew they couldn’t afford, but banking on the increasing home value to save them down the road.  The worst part here, is that no one is willing to say “We got it wrong, let’s get it fixed.”  Rather they are doing all they can to hide their errors (which everyone knows about) and hoping this blows over.  Insanity…

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