Watch this video on C-SPAN.. It is Congressional hearing on Mark-to-Market accounting rule. The real reason behind the current financial crisis.
After watching this I feel good that Congress will act. They told the chairman of the Financial Accounting Standards Board, FASB, that they should relax the rules on "Fair Value" or Congress will. The chairman of FASB, said that he would issue more guidelines within 3 weeks.
It was a heated debate and Congress on both sides were unified in there opinion that Fair Value accounting or Mark-to-Market accounting needed to be altered in some matter during this crisis. Finally we are moving to the root cause of the issue. It took them some time to get it, but we should all feel good about our future now.
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