{"id":6384,"date":"2015-03-10T15:13:28","date_gmt":"2015-03-10T20:13:28","guid":{"rendered":"http:\/\/olduvai.ca\/?p=6384"},"modified":"2015-03-10T15:13:28","modified_gmt":"2015-03-10T20:13:28","slug":"happy-6th-birthday-the-day-fasb-folded-mark-to-fantasy-was-born","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=6384","title":{"rendered":"Happy 6th Birthday: The Day FASB Folded &#038; &#8220;Mark-To-Fantasy&#8221; Was Born"},"content":{"rendered":"<h3 class=\"title\"><a href=\"http:\/\/www.zerohedge.com\/news\/2015-03-10\/happy-6th-birthday-day-fasb-folded-mark-fantasy-was-born\" target=\"_blank\">Happy 6th Birthday: The Day FASB Folded &amp; &#8220;Mark-To-Fantasy&#8221; Was Born<\/a><\/h3>\n<p><strong>The captured corporate MSM is celebrating the six year anniversary of when the stock market bottomed in March 2009. They will spin a false narrative of Bernanke, Obama and Geithner saving the world with TARP, QE, and the $800 billion Porkulus bill.\u00a0<\/strong>What great heroes. Bernanke now gets $300,000 for a lunchtime speech at Bank of America gatherings. He is raking in north of $10 million per year now. He made $200,000 per year as the Fed Chairman. His wisdom must be on par with Jesus Christ to get $300,000 for a one hour speech. Bernanke\u2019s Sermon on the Mount tour:<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"http:\/\/static.safehaven.com\/authors\/merk\/25263.png\" alt=\"\" \/><\/p>\n<p>The millions he is getting paid by the Wall Street banks for speeches isn\u2019t a payoff. Right?<\/p>\n<p><span style=\"text-decoration: underline;\"><strong>Bernanke and Geithner stopped the market from falling in March 2009 by threatening the accounting geeks at the FASB and forcing them to allow fraudulent reporting by the insolvent Wall Street banks. The crisis ended \u2013 precisely \u2013 on March 16, 2009, when the Financial Accounting Standards Board abandoned FAS 157 \u201cmark-to-market\u201d accounting, in response to Congressional pressure from the House Committee on Financial Services and threats from Bernanke and Geithner on March 12, 2009. That change immediately removed the threat of widespread insolvency by making insolvency opaque. Mark to fantasy was born. Profits for everyone!!!<\/strong><\/span><\/p>\n<div>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p><span style=\"text-decoration: underline;\"><strong><br \/>\n<\/strong><\/span><\/div>\n<p><b>\u00a0<\/b><\/p>\n<div><span style=\"text-decoration: underline;\"><strong>\u00a0<\/strong><\/span><\/div>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Happy 6th Birthday: The Day FASB Folded &amp; &#8220;Mark-To-Fantasy&#8221; Was Born The captured corporate MSM is celebrating the six year anniversary of when the stock market bottomed in March 2009. They will spin a false narrative of Bernanke, Obama and Geithner saving the world with TARP, QE, and the $800 billion Porkulus bill.\u00a0What great heroes. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[68,124,4072,303,305,4074,4073,661,662,4071],"class_list":["post-6384","post","type-post","status-publish","format-standard","hentry","category-economics","tag-ben-bernanke","tag-central-banks","tag-fasb","tag-fed","tag-federal-reserve","tag-financial-accounting-standards-board","tag-mark-to-market","tag-qe","tag-quantitative-easing","tag-tim-geithner"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6384","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6384"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6384\/revisions"}],"predecessor-version":[{"id":6385,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6384\/revisions\/6385"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}