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This week’s music pick is unique, as it is probably the only song on the planet that talks about FASAB 56.
The Statement of Federal Financial Accounting Standards 56, an administrative policy released in 2018, took government accounting practices “from laxly enforced reporting standards to a new benchmark entirely,” letting government entities “move numbers around to conceal where money is actually spent or even not report spending outright.”
The new album Doserealiti by the music project “Clown” is the result of much hard work and a modern musical giftedness combined with acute political and societal insights.
Hailing from Memphis, Tennessee, “Clown” is a wonderful Solari Report subscriber whose compositions incorporate numerous musical methodologies, from the drum machines of the industrial music era of the 1980s and ‘90s to metal, rock, and the great songs of Lou Reed.
We want to give a shout-out to “Clown,” whose courage and comprehension of the big picture is what we hope to engender in more artists of the newer generation. The full album can be purchased and downloaded with liner notes on Bandcamp.
For ease of listening, we are posting the lyrics below:
Another Song Called A Day in the Life That morning coffee with [insert your preferred senator here]? Couldn’t convince a “No” vote on the NDAA for next year. That committee staffer slow walking the evidence I asked for weeks ago in my request letter? People like him convince me the power’s not in Congress. And FASAB 56 has made it nearly impossible to trust spending reports of the taxpayers’ hard-earned money. I guess accounting fraud approved by committee isn’t illegal. We’re gonna be raped like Russia. The corporation just went private and the servants of equity are smiling. More lobbying materials to review— good old-fashioned pressure tactics: on the front page, a picture of my son after football practice. Taking my lunch break outside in chilly mid-October. The colored leaves remind me too much of hellfire. Periodic signs of the cross and looks over my shoulder. A call from the new blood at the statehouse back home. Lots of good news puts me in a good mood. I reply “state sovereignty, DC is gone” before I hang up the phone. To my surprise, the caucus meeting went pretty well. We may have support with enough votes, but some of the names mentioned it’s too early to tell. We’re gonna be raped like Russia. The corporation just went private and the servants of equity are smiling. More lobbying materials to review— good old-fashioned pressure tactics: on the front page, a picture of my son after football practice. A quiet dinner at home with too much time to think. They can’t kill me now. Better wash the dishes in the sink. It’s nice having the place to myself with a good book and a glass of scotch. Best to call their bluff on my son. Time for bed I just looked at my watch. I pray for my family, pray for my friends, pray for those against me, pray for my angel’s protection. Pray for the country, pray for my friend’s recovery, pray for a righteous military, and for God to forgive me.
FASAB Statement 56: Understanding New Government Financial Accounting Loopholes (February 21, 2019)
Caveat Emptor: Why Investors Need to Do Due Diligence on U.S. Treasury and Related Securities (February 21, 2019)
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