I wish I could say that it's one persons or one entities fault but the problem is so much more far reaching than just mark-to-market. There is plenty of blame to go around including the Fed, the SEC and the consumer. That said, I'll be damned to understand why they haven't eliminated mark-to-market by now. It's befuddling.
I can understand where he is coming from and to be honest, even if the SEC re moves the mark to market rule right now I dont know if it would matter. Everyone knows the toxic assets are there on their books. I agree with you though, lots and lots of blame to go around on this one.
