tag:blogger.com,1999:blog-3745717139514801118.post2548840562610260124..comments2014-09-14T04:49:25.448-07:00Comments on PeonInChief: Oh, Why Do I Have To Be RightPeonInChiefhttp://www.blogger.com/profile/17611581585285022906noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-3745717139514801118.post-15131032805045213622008-07-24T15:52:00.000-07:002008-07-24T15:52:00.000-07:00While I suspect it is for different ideological re...While I suspect it is for different ideological reasons, this kind of behavior on the behalf of government is why it is so critical, in my mind, that banks be forced to take the appropriate mark to market write downs on the mortgages made. While banks will scream and kick about how mark to market destabilizes the system by exacerbating temporary "dislocations," the truth is that mark to market accounting is the best tool we have. <BR/><BR/>More importantly, forced mark to market would end up with a much more rapid repossession and foreclosure process. While we can debate the relative problems with doing so, the end result will be much more affordable housing for EVERYONE and, on a macro level, a quicker path to an economic recovery.Anonymousnoreply@blogger.com