Repeal of the current health law is a necessary, but not a sufficient, part of fixing our health care system. A credible “replace” proposal needs to deal with a number of important issues.

The consensus is that it is time at a minimum for major revisions, if not for Financial Accounting Standard 133 to be scrapped altogether and replaced.

Without in any way making excuses for Fannie and Freddie, the questionable character of Financial Accounting Standard 133 is the ghost at the feast of their accounting scandal.

Now that Bill Donaldson will be replaced by Rep. Chris Cox, we can hope for something more substantial.

What is accounting truth? This is the best we can do.

The debate regarding financial services has devolved to politics, rather than a focus on sound policy that will foster a robust financial sector capable of raising capital efficiently for the "real" economy of businesses creating goods and services, and thereby jobs.

A new form of disclosure is necessary to provide investors with information about the success of companies in creating value and the likelihood of sustaining profitability in the future.

Did therecent accounting scandalsoccur in spite of the rules, or did the project of expanding rules contribute to the problems?