Attributed to Christopher Whalen at Institutional Risk Analytics:
"...what fair value accounting is doing is forcing everyone to write anything they can't value today to zero. That's a wonderful, classical approach to accounting, but if we do that we're going to deleverage our financial system in a way that will make the 1930s looks like a trial run."
This, from an interview on Bloomberg TV Monday morning. Want to see the whole thing?Read More