Posts filed under “Video”
CNBC’s Steve Liesman on "Unique insights on the credit crisis and the future of the banking system from a stream in Maine…"
What this country really needs is less tranparency in earnings reports, and more wiggle room for corporate reporting:
We are governed by utter idiots . . .
Similarities and Differences: A comparison of IFRS and US GAAP
Click for PDF
"The Securities and Exchange
Commission signaled the demise of U.S. accounting standards, kicking
off a process Wednesday that could ultimately require all publicly
listed American companies to follow an international model instead.
in two steps, the shift could eventually cut costs for companies and
smooth cross-border investing. At the same time, investors worry it
will create confusion, especially during the transition. Other critics
worry that the international system offers too much wiggle room for
companies, compared with the more precise rules enshrined in U.S.
The SEC’s proposal would allow some large
multinational companies to report earnings according to international
accounting beginning in 2010. The SEC estimates at least 110 U.S.
companies would qualify based on their market capitalization, among
other factors. The agency also laid out a road map by which all U.S.
companies would switch to International Financial Reporting Standards,
or IFRS, beginning in 2014, at the expense of U.S. Generally Accepted
Accounting Principles, the guiding light of accountants for decades.
The proposals will be open for public comment for 60 days and could be finalized later this year."
Anything that artificially boosts earnings is great for America . . .
SEC Moves to Pull Plug On U.S. Accounting Standards
KARA SCANNELL and JOANNA SLATER
WSJ, August 28, 2008; Page A1
SEC May Let Companies Abandon U.S. Accounting Rules
Bloomberg, Aug. 27 2008
Squawk Box will run a 4 part series on Grand Lake Stream trip this week. 4 Packages which Steve Liesman will wrap around, beginning at 7:15am, and then repeating throughout the week. (I believe the full package will run sometime on Labor Day weekend)
The 1st installment of the Kansas City Shadow Fed/Maine Leen’s Lodge fishing trip will air Tuesday at about 7:15 am EST.
I had a long sit down with Steve for part 2 and 3 — unshaven, unshowered, reeking of fish – be happy its not broadcast in smell-o-vision.
It will be interesting to see what gets cut and what stays in but you never know what ends up on the cutting room floor.
Tuesday – Friday
Part1: The forecast/results of the survey and an overall review of the trip
Part 2: fishing for answers to the credit crisis Part 1
Part 3: fishing for answers to the credit crisis Part 2
Part 4: The future of the banking system
Harvard University economist Martin Feldstein, a member of the committee that charts American business cycles, said the Federal Reserve cannot count on low interest rates to buoy economic growth.
"Lower interest rates are not going to get us anything more,” Feldstein, who retired in June as president of the National Bureau of Economic Research. The economy has really shown one sign after another of weakening.”
(why this sometimes works with on a Mac and sometimes not is beyond me)
Feldstein Says Low Rates May Not Boost U.S. Growth
Anthony Massucci and Kathleen Hays
Bloomberg, Aug. 21 2008
With celebrations set to kick off in Denver for the Democratic National Convention, the JOURNAL travels to Colorado where tough economic times are hitting suburban communities.
PBS and Bill Moyers go to the suburbs of Denver as the Democratic Convention is about to being to speak to "real people" — not Economists or Politicians:
Working Americans, and that’s most people, are experiencing the "big squeeze." In fact, they’re trying to survive one of the most profound social and economic changes in our history. The middle class is disappearing, facing a decline in standards of living. So you’d hope that the Democrats in Denver next week and the Republicans in St. Paul the following week would confront this crisis head on and not just serenade struggling families with a chorus of sympathetic but meaningless sound bites.
As wages stagnate, prices are soaring. Economists call this pain the "misery index." It’s a combination of the unemployment and inflation rates, and it’s what politicians have in mind when they ask, "Are you better off than you were four years ago?" Well, the misery index is the highest it’s been since George Bush’s father became president, seventeen years ago.
When it comes to feeling the misery index, however, you don’t go to the economists or the politicians. You go to where regular people live. And that’s what we have been doing on this broadcast for months now. We’ve seen how the mortgage crisis has devastated neighborhoods in Cleveland, how workers in Los Angeles are scrambling for a living wage, and how gas and food prices are choking the ability of food pantries to stave off hunger here in metropolitan New York.
This relates to our earlier discussion on Intersting stuff, Psychological Recessions.
The Journal, August 22, 2008
Richard Bove, an analyst at Ladenburg Thalmann & Co., talks about the possible sale of Lehman Brothers Holdings Inc. or some of its assets. Korea Development Bank said it’s "considering" an investment in the company and is "open" to an acquisition, according to a Reuters report. Lehman is the fourth-biggest U.S. securities firm.
00:00 Potential bidders for Lehman
01:24 Fuld has "run out of options."
02:52 Potential share valuation in transaction
Running time 03:31
Bove Says Fuld Has Three Days to Solve Lehman’s Problems: Video
Aug. 22 (Bloomberg, August 22, 2008 11:17 EDT