Have you seen “The Big Short?” Holy cow. Even understanding its bias, and even though they let low-level borrowers completely off the hook, the collusion between Moody’s and the other credit rating organization was utterly corrupt.
The trend to IMIU accounting is creeping from China to the west coast. IMIU accounts buried in the balance sheet produce good looking results
IMIU’s are I Made It Up accounts
Companies are required by law to report GAAP numbers. As an investor, those are the numbers you should understand and use. Anything else is just a sales pitch.
I, too, would be very well off if I didn’t have to pay interest or taxes, and not replace anything that wears out. But that is not reality.
Wall Street and the Commerce Department are both trying really, really hard to keep the disaster under the rug until November 15 in order to elect Clinton.
This is what the Obama Administration will be best remembered for in the history books. For absolutely destroying the credibility of economic statistical data.