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THE POT & THE KETTLE

July 31, 2003

Our government has now passed more laws saying that corporations must use proper accounting. Hey, why should THEY when the government doesn’t? Year after year it gets reported that our government does not follow generally acceptable accounting proceedures (GAAP).

Throughout the year, the various government departments LIE to us about this number and that statistic. Then around this time of the year every administration RESTATES their numbers- always worse!

Today is to be the day that the government fesses up- as much as it ever will on a few of those areas. It’s been reported that there are massive differences in what the government has reported in GDP, personal income, productivity, and spending. We’ll know shortly.

You see, when a story hits the front page it is widely known. When a revision gets stuck on page 23 months later, no one notices. It’s old news. However, it is the TRUTH and the impact is real.

Wall Street analysts have questioned whether or not there really was a recession last year. Figures are now coming out showing that it WAS and probably still IS a serios one. Sadly, we’ve not beeen able to trust either Arthur Andersen or the government accountants. The economic house of cards has fallen down. Humpty Dumpty cannnot be put back together again.

Watch for the revisions beginning today. Watch and weep. And then wonder, why is the pot calling the kettle black? Maybe because it can?

Written by Ernie · Filed Under Daily Commentary 

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