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*Ron Suskind - Bush Administration lied us into war!*
*Sat Sep 6, 2008 12:08*
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* *Ron Suskind - Bush Administration lied us into war!
YOUTUBE:
http://www.youtube.com/watch?v=qH_YIUDhfPg
MORE VIDEO'S FROM WATCHMAN 2008
http://www.youtube.com/user/watchman2008
Study: Bush, aides made 935 false statements in run-up to war
...<http://www.google.com/search?hl=en&ned=&q=935+LIES&btnmeta%3Dsearch%3...>
----------------------------
Where the Real Accountability Lies
[July 17, 2002]
By S. M. Oliva
Monday's approval in the U.S. Senate of a sweeping "accounting reform" bill
will do little to prevent future corporate meltdowns like those that have
taken place at Enron and WorldCom. In fact, the legislation will accomplish
almost nothing as a practical measure in the short-term, except for creating
a new bureaucratic turf war between the Securities and Exchange Commission
and a new federal accounting standards board created by the Senate bill.
Like much of this "corporate accountability scandal," the principal goal is
advancing tactical political interests in anticipation of the November
congressional elections. But that doesn't mean the defenders of capitalism
and economic freedom should rest easy, either.
The recent corporate scandals are the direct result of two separate, yet
related problems: CEOs and stock analysts who try to fool the marketplace by
pursuing high-risk short term strategies that can never succeed in the long
run; and, more importantly, a U.S. tax code that places a premium on
dishonest accounting and misleading the public.
The first problem doesn't require government intervention, because the
equity markets already flush out those who try and fool them. WorldCom
didn't fall because of a government prosecution, but because their strategy
of leveraging an unreasonably high stock price to acquire other companies
created a quasi-Ponzi scheme that was too unstable to maintain. The only
thing that enabled WorldCom to evade detection for as long as it did was not
so much bad accounting as it was stock analysts who evaded reality by
playing along with the scheme. There were, in fact, honest analysts who
correctly predicted WorldCom's demise, and those analysts are likely to be
rewarded now by the same marketplace that got burned in the first place.
Politically, however, this poses a dilemma for members of Congress,
especially Democrats, who adhere to the belief that nobody should ever have
to suffer even a short-term loss. The fact that people got burned because of
the collapse of Enron and WorldCom stock is some kind of moral outrage, at
least according to people like Dick Gephardt, and the government must seek
vengeance in their names. In this "reality," investors are never liable for
their mistakes, but corporate CEOs are all to be presumed guilty until
proven to the government's satisfaction.
Congress, of course, likes the issue of "accounting reform" because it
enables them to avoid their responsibility in this matter vis-à-vis the tax
code. The U.S. income tax, and its enforcement by the IRS, has created an
environment in which specious accounting is not just beneficial, but
practically essential to the survival of large corporations. Without the
hundreds upon hundreds of shelters, loopholes and tricks, many U.S.
businesses would never have any kind of profits at all to return to
investors. It is in every American company's interest to lie about their
profits and earnings, because doing so will mean less taxes to pay. That is
what the Democrats are concerned about, not the investors, as they claim to
be. The only reason they want investors to get their "fair share" is so the
they—the government—can seize their "rightful" penance in the form of double
taxation on corporate profits.
(And keep in mind, it's not as if Congress or the White House have ever
operated according to the same rigorous accounting standards they now wish
to put businesses under.)
The entire "accounting reform" plan is about one thing—control of
information. By centralizing how accounting must be performed, Congress is
trying to control the quality and content of information necessary for the
markets to function properly. Once information is in the hands of the
government, it's only a short walk to actually dictating and managing
outcomes.
We've seen this kind of behavior before, notably in drug regulation.
Congress gives the FDA immense power to dictate how drugs are to be
manufactured, distributed and advertised—to the point where the Supreme
Court had to step in this year and reassert the First Amendment's protection
of the people from government attempts to deliberately keep them ignorant.
The same is true in antitrust regulation, where the Federal Trade Commission
is now prosecuting doctors who even talk to one another about what fees they
want to charge insurance companies, on the grounds that the "public
interest" will be harmed by such speech.
Once the administration has the power to dictate how businesses must account
for their business, they will begin to dictate how that businesses is
conducted. That's not a slippery slope, but a simple fact of modern
government, one which has been proven over and over again.
http://www.moraldefense.com/Philosophy/Commentary/02/07-17-02.htm
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