Is Obama Gay, a Drug user? Murdered X Lover? Interesting Links:
For the record, not a Homophobe, many Gay friends. Obama should be honest, but hasn't been about anything.
Mark to Market
I think it should go. Economic models should drive accounting practices not the other way around. There is no market, or the market is either when someone's loan goes to maturity, is sold, but neighbors selling under duress should force banks to value the loans they have until they have to recognize them. Mark to Market works well in a robust economy, but not this one.
You nailed it and that is the flaw with M2M. It works when there is a market and thus the asset can be priced. I would hate to have to pay capital gains taxes on any stocks that I own that are currently selling for more than what I paid for them.
I would like to see some type of rating system for the investment portfolios that these companies hold rather than a mark to the market. Rather than report a $500 unrealized loss, it would be better to see an investment credit rating such as, "investment portfolio has a credit rating of AA." I know that exists now but it is used for overall ratings as well as fundamentals and technical research.