*if Bernanke would have listened to me in March of 2008, we wouldn't be in this mess right now. He should have nationalized the banks then and taken over the credit markets. Investors would be at 10,000 on the DOW and Citigroup, AIG and Bank of America would be toast. Why am I still worrying all these months later?
Federal Reserve members disagree on next move
Federal Reserve members said the recession is getting worse, but they disagree about how to address the problem now that the interest rate is hovering near zero. Economists see the Fed having at least three primary options: increasing the Term Asset-Backed Securities Loan Facility, purchasing mortgage-backed securities or buying long-term Treasuries. At least three members favor the Treasuries strategy, while Chairman Ben Bernanke would prefer to revive specific credit markets. Bloomberg (18 Mar.)
Banks get 2-year reprieve on Fed's capital rules
The Federal Reserve said it will delay by two years new capital requirements on bank holding companies because of ongoing strains in the financial system. The rules were set to go into effect later this month. The Wall Street Journal (17 Mar.)
IASB receptive to relaxing fair-value rules
The International Accounting Standards Board, which sets accounting rules for more than 100 countries, said it will distribute for comment proposals to ease fair-value accounting rules that are under consideration by its U.S. counterpart, the Financial Accounting Standards Board. The concept of relaxing fair-value rules because of the economic crisis is being praised as long overdue and criticized as setting back the formation of accounting standards. Financial Times (18 Mar.)
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