Aug 232010
The financial crisis is much worse than government is willing to admit.
At every level, financial reporting gimmicks are used to hide the true state of insolvency. The Federal Government plays their own games to hide the inevitable defaults. States do the same. From the WSJ comes the following:
… the Securities and Exchange Commission (SEC) filed fraud charges against New Jersey for misrepresenting its financial obligations, particularly its pension obligations, and misleading investors in its bonds. New York—and many other states—had better sit up and take notice.
Students, Welcome to the Real World of Government Assistance
Bank and Government Insolvency
Ethics and Integrity of Government
Don't Fall for This "Recovery"
Teetering On The Brink
The One We Have Been Waiting For
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