Barney Frank…give us more explanation
Calculated Risk and many others note that a tentative agreement might be done, details to follow to day perhaps, ‘before the opening of the Asian markets’. Barney Frank, a hometown citizen wants a clearer explanation than it is a compromise on a compromise agreement needing to be passed by tomorrow. Please convince me with more information or risk losing my vote of confidence in you all these years. Why will the economy collapse tomorrow rather than Tuesday? E-mail Mr. Frank to ask: Barney Frank House office.
Update: reader ken says:
This has to occur before the end of the quarter otherwise it will do the bank’s balance sheets no good.
This is obvious. If banks have to report these assets at the marked down prices instead of the more reasonable hold-to-maturity value more banks will fail. By next Friday we will have a dozen bank failures if this is not passed before the markets open.
ken | | Email | 09.28.08 – 11:48 am | #
Rdan here….If this is the only reason, book keeping, is there another way to handle books for one extra quarter, given the seriousness of the situation? Bookkeeping? Or am I misinterpreting the comment?
Update 2: Beyond our congress critters, you can also send comments to the Fed and Treasury at (hat tip reader Caitlin ):