A problem with tossing around terms like LIBOR and market to market is that oftentimes neither the speaker nor the reader knows what these terms mean. Many readers are reluctant to admit their ignorance. The speaker is presumed to know what he is talking about, when he really does not. From this elevated position, he can then blame Bush or pursue any, oftentimes unrelated, pet peeve he may have.
I did read up on market to market a long time ago. My recollection is that “it sounds good” but, as so often is the case, really is not such a sound approach to be used on a uniform basis.
"It's the bankers' fault. Pure, unadulterated greed."
"Nope, it's the government's fault. Too many NINJA loans."
"It's the government's fault for not regulating those bastids."
[And anon]
A full and reasonably complete account of the mess will ostensibly be "balanced," but it really will provide a blow-by-blow view of the new economic fascism.
In a very real sense, a fascist is a socialist who's convinced himself that he's a capitalist. The "market," to the fascist mind, is an instrument for achieving socialist goals that works better than outright socialism. This mentality dovetails with fascist economic policy: businesspeople as servants of the State who have to be favoured because they work on incentives.