Any bill that establishes a zero percent fractional reserve banking system while getting rid of that tiresome mark to market concept is just what we need to continue fooling the rest of the world. They'll never understand our banks are bust so long as the wizards of Washington keep the wool pulled so firmly over their eyes. Well, at least it should be good for a day or two.

The manipulation possible with mark-to-market is worthy of note. Read "The Smartest Guys in the Room".

The problem with so much of this toxic mortgage security stuff is that THERE IS NO MARKET that is realistic to "mark to". When Lehman goes down and sells their stuff for pennies on the dollar it forces every institution holding these to immediately "mark to" those fire sale prices -- even though the price on these same securities might be twice as high in a month or two or three or whatever.

With this initial $350 billion the treasury can "make a market" in this stuff, and that immediately helps all the bank balance sheets.

And it's likely that, if the economy improves, the taxpayer will make back all of that $350 billion, and perhaps even make a profit.

for the reality check.

It's looking less and less like there will be any profit for the taxpayer. The shoe is dropping in Europe (bank failures), market futures tanking this morning.

This bailout bill could turn out to be "too little, too late".

"Enactment Late Next Week Is Almost Certain"

The house won't be able to pass any kind of emergency economic stabilization bill before the election. Country isn't first -- getting re-elected is.