You’re right.
Following that, the financial markets would have melted down. The credit markets would have frozen solid - for weeks.
The mark-to-market has to happen. The speed with which it has been happening already has caused severe credit market disruptions.
Forcing it yet faster would have finished vapor-locking the credit markets.
And then you would have seen the Fed do some even more extraordinary things.
Listening now to the testimony from CEO’s Bear Stearns and JP Morgan- idiot Senator Menendez asking DUMB questions...
Testimony on live- CNBC.