So we have moved this blog to a new host and I hope to get inspired to keep a regular flow of slanted comments coming on the news of the day, mostly the financial news, but not just the financial news. For the record, I am an immigrant to this glorious country and have lived here for many, many years. I am passionately attached to the ideals of the Republic and, if I sound critical now and then, it is only because I think we are falling short of our ideals. I like neither big government nor big business. I believe everyone should receive a fair reward for their efforts. I cannot see any reason, though, why some should be earning millions while others are out of work. I believe in competition. I go with Adam Smith who showed that perfect competition drives out abnormal profits and conclude that if at any place in the economy there are abnormal profits and abnormal earnings that there is something wrong in the economy at that point. The observant reader will see these and my basic religious bent in the slant that I give to things.
Apparently Sir David Tweedie is trying to distance the IASB from the FASB on the subject of fair value. He is quoted as saying: “Their proposal is everything at fair value. I don’t think that is acceptable worldwide and in some segments of the United States either.” The G20 agreed at their meeting in Pittsburgh, USA the end of September 2009 that accounting rules would be comparable by June 2011. The disagreement between the two major regulators of how to implement fair value threatens that deadline, bystanders say.