Michael Rivero runs the independent news blog What Really Happened. He has a nightly radio show on the Liberty Radio Network, and I will be a guest this evening beginning at 9 pm EST.
The list of radio stations where you can listen live is here.
And the link to listen live over the internet is here.
CALL IN NUMBER 866-986-6397 (866-986-NEWS) Outside the US & Canada, 801-492-6908
We will be discussing the economy, the markets, and likely mark-to-market accounting given today's news.
No time to write about today's MTM developments yet, so for now read this outstanding piece by Bloomberg's David Reilly.
It's the article being quoted by everyone to explain why MTM accounting need NOT be changed: because the banks already do NOT use MTM accounting for the great majority of their assets.
I have been saying for weeks that the solution is regulatory capital forbearance. I have also been linking to this discussion of MTM and regulatory capital levels by Jim Chanos that I feel is especially helpful. View the 2nd Chanos video for the MTM discourse.
Now Warren Buffett is championing the concept of regulatory forbearance as an alternative to changing the MTM rules as written in today's Wall Street Journal.