FASB has now effectively delayed the date banks will have to take their asset write-downs and losses on to their books. http://thehill.com/business--lobby/...not-to-rush-accounting-change-2008-07-29.html "FASB has signaled that it is open to postponing the implementation of the accounting change, though not necessarily slowing down its timetable for drafting the new rules. The agencyâs board will meet on Wednesday to discuss the possibility of delaying the effective date, according to Neal McGarity, a FASB spokesman." This reminds me of the 'Japan Model' whereby the banks and financials continually try to sneak smaller blocks of larger sections of bad debt and unload it, over a longer and longer time frame, rather than simply getting the process over with in two or even three quarters. Their hope is that they can avoid a panic by doing it this way, when in fact, they are only delaying any ability to provide clarity to the markets, which is the one thing that is absolutely essential before any true bottom can be formed, even assuming the market is a forward discounting mechanism. To quickly take their medicine and clear their books of toxic waste quickly would mean inevitably revealing the true extent of the absolutely criminal malfeasance by which banks, financials, wallstreet in general and our government have conducted (or failed to) themselves - it would cause an absolute panic and meltdown rivaling any the world has ever seen.