Suspending FASB 157 true or false?

This Federal Accounting Standards Board Rule requires all publicly-traded companies in the U.S. to classify their assets based on fair value. Banks have had to write down billions of dollars in hard-to-value level III assets following the credit crisis. This Rule became effective after November 17, 2007 and requires commercial banks to value securities and loans quarterly according to current values whether or not the institution planned on selling the asset. Marking to market creates these 'paper' unrealized losses. This Rule has contributed to the credit crisis and the weakening of our banking system. There are rumors today that the Obama administration may alter this concept in some instances.

Random thoughts....The Senate will pass the Recovery Act by tomorrow the unemployment report will be horrible....January shows an economy in depression...Obama will begin to change psychology next week with the Stimulus bill...the market is holding 8,000....we could get a rally beginning next week that breaks above 8,600....leadership is what counts...