tmarketpricesoverstatelosses,becausetheylargelyreflectthetemporaryilliquidityofmarkets,\rnotthelikelyextentofbaddebts.Thetruthwillnotbeknownforyears.Butbank'ssharestradebelow\rtheirbookvalue,suggestingthatinvestorsareskeptical.Anddeadmarketspartlyreflecttheparalysisof\rbankswhichwillnotsellassetsfbrfearofbookinglosses,yetarereluctanttobuyallthosesupposed\rbargains.\rTogetthesystemworkingagain,lossesmustberecognizedanddealtwith.America'snewplanto\rbuyuptoxicassetswillnotworkunlessbanksmarkassetstolevelswhichbuyersfindattractive.\rSuccessfulmarketsrequireindependentandevencombativestandard-setters.TheFASBandIASBhave\rbeenexactlythat,cleaninguprulesonstockoptionsandpensions,fbrexample,againsthostilityfrom\rspecialinterests.Butbygivingintocriticsnowtheyareinvitingpressuretomakemoreconcessions.
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