House was talking about this yesterday. I would rather change the accounting law (although you know the U.S. will look like idiots to the rest of the world) than blow $700bn up front. Besides, it will give the U.S. time to come with a real plan regarding that $700bn and if the shit really does hit the fan for Joe Blow on main street, we can still whip out the $700bn bazooka.
We haven't heard a peep from those most affected by the rule. Which also makes me wonder if BSC or LEH or GS have or had any economists on their staff (sarcasm) to bring it up. Perhaps Paulson and all of Congress was unfamiliar with mark to market, we can do our patriotic duty as internet econowits to inform other 100 ill informed joe sixwhacks against vs 1 for the bailouts.
What do you think of this article. http://foxx.house.gov/uploads/Allison ltr 9_32_08.pdf Mark to market suggestion page 2. http://foxx.house.gov/uploads/BBT Allison ltr.pdf
It's Bull$hit and won't solve the problem. The problem is solvency and lack of trust because of all the fake valuation/hide the losses games. Go to my "Wake Up America" thread to get ideas.