Forreston, Illinois, USA
June 03
Retired. Former Dean of Learning Resources and CIO at a small Midwestern community college. MALS from the University of Wisconsin, Madison. BA in German from the University of Pennsylvania. Lived in Switzerland and Germany as a child. Still teaching a couple of online classes. 7 children (six bi-racial adopted), 7 grandchildren, 2 horses, 3 dogs, too many cats. Love reading, audiobooks, and political podcasts.


MARCH 6, 2009 8:02AM

Can someone help answer these questions?

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1.  What was or should have been the role of the accounting profession in preventing the development of these risky instruments and letting institutions keep some of this bad debt off the balance sheets?  Shouldn't they have been reporting this as highly risky to the respective boards?

2.  The bailout is being designed and implemented by investment bankers and wall street gurus. This is not meant to impute their integrity in any way, but don''t they look at the world through their own set of experiences and aren't those experiences narrowly defined by a failed financial world which is more likely to lead to failed solutions?

3.  If spending is important to get the economy going again, why not just take the total bailout package, divide it by the number of households who filed tax returns last year and send them a check with the stipulation only that it be used, 1st to pay down mortgages, then to buy a car, then to insulate their homes or some other energy-saving way and whatever is left on trinkets?  Wouldn't that help the foreclosure problem, rescue some of the mortgages, help the car companies, and get money into the banks through spending.?

4. Investment counselors have always, always, told people to not pay attention to market swings and to hold on to a sensible strategy over the long term.  Yet, the experts don't seem to ever follow that advice, day trading and reacting to economic news in a way that makes the market less stable rather than more. Shouldn't they follow their own advice?

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