November 21, 2008
You are dragging your feet on this issue. Your inactions will force many companies to report disasterous investment portfolio losses for the last quarter of 2008 and the trend will continue.
M-t-M accounting depletes investor confidence and in a market where fear reigns supreme, the very M-t-M principles cause companies to record massive losses even when they are unrealized. It is a major flaw.
Jobs will be lost (unemployment closed to 10%), once great companies will be forced to close, lives and local economies destroyed, America is being made weaker and our vulnerability to attack across all platforms is increased. And for what? Why is this being allowed to happen? When will the needs and security of the majority outweigh the speculation and fear mongoring of government? When? If not right now, when will there ever be a more prevelant time?
Your inability to be in touch with Main Street and the impact that the M-t-M priciples has does more than destroy American lives and local economies. It divides us and makes us altogether weaker.
You have let your fellow citizens down.