Mark to Market Relief? Relief for taxpayer?

Mark to market discussions may lead to changes or a relaxation of the the rules so banks can have more flexiblity when pricing assets. The link for an article in Business Week is where you can read the entire story.

http://www.businessweek.com/bwdaily/dnflash/content/apr2009/db2009041_492116.htm?chan=top+news_top+news+index+-+temp_policy+%2Bamp%3B+government

Completely ridiculous. Banks have used smoke and mirrors until they couldn't get away with it any longer, they come to government for a handout so they can clog the entire financial system because the accounting rules to work to their advantage. We have pumped billions in to these banks and they could have been selling the toxic assets all along the way. They have delayed and cost all of us billions and brought the economy to a halt and we keep giving them more money. The banks with help of congress have fleeced the taxpayer. Why don't well all try to get the same deal? we can wait for better prices for our house, but we have to pay, they banks are doing the same thing and they aren't paying. The government is paying the to sit on assets or they would have had to sell by now. This is crazy.

G20 doesn't buy the bank rally

From the bloomberg.com news page

A quote from the G20 meetings.

"Our key priority now is to address the value of assets held on banks’ balance sheets, which are constraining banks’ lending” and damaging economies, the G-20 statement said. Banks are still hoarding cash after being stung by more than $1.2 trillion of write downs and losses. Interbank lending rates this week rebounded to the highest level since Jan. 8."

I had mentioned the idea of pricing assets held on banks balance sheets in a blog called "there is always a market". The new bank rhetoric on profitability and solvency evidently didn't get to the G20 yet. Funny how we are told by the bankers that they are profitable yet the biggest issue at the G20 meetings is how the banks are hoarding cash and holding toxic assets while constricting their lending. It couldn't be that banks are selling the rosy picture to the government and the public because they are going come back for more money could it? Well hopefully not but things are not lining up properly. Two opposing views on what the major issues are with the banks. I guess we are supposed to trust the bankers again because they have seen the light.