Three terrific charts on Level 3 assets — these are the difficult to trade/value/sell junk.
Check out Citi, and Fannie & Freddie!
Charts via Jake at EconomPic
I cannot figure out why the SEC and FASB simply refuses to force firms to inform investors what is actually on their books. I guess they are particularly enamored of the Japanese model.
FASB: OK For USA to Turn Japanese (July 2008) http://bigpicture.typepad.com/comments/2008/07/fasb-ok-for-usa.html
Turning Japanese? (September 2003) http://bigpicture.typepad.com/comments/2003/09/turning_japanes.html
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.