Maybe this is important, maybe not. But what do I know? I’m holed up here in my rainforest hovel, where the Long Damp has finally returned. I am ignorant of most accounting matters, but I suspect that the current credit crunch is, to misquote John Sayles via Burt Reynolds in “Breaking In”, “a big event in the world of asset pricing.”
Whenever there are opportunities to falsely upgrade values during a boom or falsely prevent them from dropping during a bust, I say keep an eye on the accountants.
2 comments:
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Blaming accountants for the credit crunch is like blaming junkies for their addiction. As I see it, it's the economics profession at large that is the enabler here. Provide accountants with a paradox free definition of credit and its limitations as far as inflation free living standard enhancement is concerned and all financial wizardry will be revealed for what it is.
John V
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