On December 30, 2008, the SEC delivered its report to Congress recommending against the suspension of fair value accounting standards and concluding that SFAS 157 was not the cause of the recent bank failures. The SEC’s report includes an overall analysis of fair value accounting including mark-to-market accounting and SFAS 157 as subsets of fair value accounting.
This article briefly summarizes SFAS 157 and the current positions of the FASB and SEC.
Do you remember the closed session of Congress on Mar. 12, 2008? I found two reports of what was said about the coming economic collapse, etc. etc. It was said that Bush/Paulson wrote a plan for that eventuality, which occurred in October, I believe. I wonder how involved was Soros or Kissinger or Brzezinski or Rockefeller? One of the reports on the closed session was by Gold and Silver Exchange. I forgot the other. (Just for your info.)