Accounting Rules? Which Accounting Rules?

It was Subprime in 2008.   As it was.

http://thinkprogress.org/economy/2008/09/24/172374/accounting-newt-wrong/

And a few days ago it was bond valuations….

http://www.americanbanker.com/news/national-regional/bankers-welcome-fasb-repeal-of-long-disputed-debt-valuation-rule-1078698-1.html

And Today.      It’s oil.    You can only fool Mother Nature for so long.

http://www.zerohedge.com/news/2016-01-16/exclusive-dallas-fed-quietly-suspends-energy-mark-market-tells-banks-not-force-shale

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