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    other people's jargon..., 2008-09-24 23:39:04 | Main | NO..., 2008-09-26 00:22:05

    Peter R. Orszag is my new hero, because all my heroes are dead:

    BWAHAHAHAHAHAHAAHAHA!

    Orszag explained using the following example: Suppose a company has Asset X, whose value is recorded on the books as $100. Because of the current economic decline, Asset X's real value has dropped to $50. If the company takes part in the government bailout and sells Asset X for $50, the company has to report a $50 loss on its books. On a scale of millions of dollars, such write-downs could ruin a company.

    Such companies "look solvent today only because it's kind of hidden," Orszag said. "They actually are insolvent" already, he said.

    Someone should tell him that that is part of the plan. Paulson wants us to bribe them into declaring insolvency.


:: posted by buermann @ 2008-09-25 09:46:11 CST | link





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