I’ve been fascinated by the argument that eliminating or suspending “mark to market” accounting rules will end the financial crisis on the cheap.
Wikipedia has a good explanation of mark to market accounting.
Matthew Yglesias posts a simple explanation of mark to market.
Paul Kedrosky argues that changing the accounting rules won’t solve anything, which is my general impression as well.
Here’s the argument in favor of suspending the rules from Brian S. Wesbury and Bob Stein.
Update: Andrew Leonard (one of my favorite bloggers) weighs in on mark to market.
Update: Here’s Kevin Drum on mark to market.