Marking to market is a good idea, but beware of the unintended consequences of good ideas.
This article makes the same point, and many others (about Fannie and Freddie, about the repeal of Glass-Steagall), very well.
Why Cormac McCarthy Stands Alone Among Novelists
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McCarthy, a little before the rest of us, had caught a glimpse of Western
Civilization’s end.
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