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August 13, 2009


Independent Accountant

Good show. I'm so old I even remember SFAS 33. It amazes me how many bankers do not understand changes in fair value of long-term bonds as a result of changes in nominal interest rates. These fools still do not understand what caused the 1979-86 S&L crisis.


Hi Tom - what an excellent post you have here on the subject. I could not agree with you more on this. Excellent post.Raza

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