Mark-to-market really is the best thing since sliced bread -- until you end up with a liquidity crisis and the only market left is fire-sale prices, in which ca

Mark-to-market really is the best thing since sliced bread -- until you end up with a liquidity crisis and the only market left is fire-sale prices, in which case it just amplifies the crisis and (further?) undermines the entire notion of banks being risk-tolerant entities who are in business for the long haul instead of just chasing after the next quarter's results. Much like in 2008. This isn't a problem with an easy answer.