in a Mark-to-Market Accounting Regime.

Here’s a couple of related issues that we can discuss in the context of today’s The Wall Street Journal article, Bailout Proposal Gets Hung Up Over Central Issue: Will It Work?

We’re deeply concerned about the moral hazard implications of any government bailout, and we doubt that we are the only observer to harbor such dark thoughts.  However, we also think that those implications could be realized immediately rather than, say, during the “next” downturn in some far distant time.  Thus… Read the rest