This article was written by Peter Schiff in April, but provides an easy to understand reasoning of why the Mark-to-Market rule change (which has since created a rather large stock market rally) are simply stupid and concealing the true bitterness that represents todays bank balance sheets. I was all for a change to Mark-to-Market accounting as a way to help put an end to the crisis, but only if it was coupled with real solutions, it was not and now the distortions continue and get worse.
Scott Dauenhauer CFP, MSFP, AIF
www.meridianwealth.com
