Saturday, May 02, 2009

Congress Easily Bullied Accountants, but Football Coaches?

Congress was described as a junior high by one North Carolina Representative. His quote:

"This place is a much more sophisticated junior high school. There are the nice guys that everybody likes, the jocks, the geeks, the bullies--they're all here."--The youngest member of Congress, 30-year-old Patrick McHenry

Capital Junior High jocks recently ganged up on adult geeks, otherwise known as accountants. Members blatantly threatened the head of FASB on fair value accounting, otherwise known as projected lunch money. Congress wanted bank benefactors to have more lunch money on their balance sheets. So they forced a change. The head accountant quickly cratered.

What will college football coaches do? Will they round up their biggest players and take our Junior High leaders behind the Capital building? Whoa! Whoa! These are college football players getting an education, apparently something our Congressmen missed.

Which committee tried to tamper with the college football bowl system championship series? It's the House Subcommittee on Commerce, Trade and Consumer Protection. And how many times did this committee meet on Chinese supplied deadly tires, poisonous heparin, toxic pet foot, melamine laced milk, or antifreeze laden cough syrup? What about food based poisonings from spinach to peanut butter to meats? What about Americans needing protection from a kept Congress?

As an aside there is nothing "communist" about corporate sponsored bowls with payouts in the hundreds of thousands of dollars. That's pure capitalism. If it's unfixable, the U.S. need only look in the mirror.

Texan Rep. Randy Neugebauer threatened the FASB accountant. True to form another Texan, Rep. Joe Barton, implied his bill to force a playoff system would gain traction. Is "you act or we will" a Lone Star refrain?

It's a bad sign when bullies set professional accounting standards and force a uniquely American system to change. It sounds more like Politburo central planning.

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