We can all thank FASB tomorrow for mandating a new rule that gives any financial company the right to exercise indefinite moratorium on the inclusion of toxic assets on its books. This, of course, doesn't do shit for the homeowners who are forced to abandon their homes anyway. In the end, the bankers will just mark up the value of these empty homes even if they're completely worthless. We might as well stick our heads where sun don't shine and pretend that things aren't real. Yeah, right!
The zombification continues. These kinds of tactics are to be expected. The best the pigmen can count on is complete paralysis of the economy. The worst is an avalanche of mark-downs when mark-to-market comes into play. rt