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FASB Changes Perpetuate Fair Value Lying

The "lying" was really in forcing banks to book paper losses before they occurred (and when they might never occur) on illiquid assets based on a temporary market crisis. This killed the banks and perpetuated the crisis. Lifting Mark to Market will be hailed as the turning point for the economy. Not all will be rosy from here, but this allows the markets and the marketplace to heal. Some banks will and should fail, but for the most part this was a fictional crisis crated by two stupid rules: mark to market as applied to the banks and the elimination of the uptick rule.