Belmont Club

By Richard Fernandez

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And the word was made flesh

September 5, 2008 - 12:09 pm - by Richard Fernandez
slade
2008-09-07 12:09:00

To just footnote accounting practices, none of the federal government books are maintained according to GAAP. This is a “mechanical” problem that should be fixable without falling into the black hole of ideology or religion.

Fannie/Freddie, soon to be followed by the PBGC, just the leading edge of the government accounting wave.