Our version of North Korea’s heroic national struggle appears to be keeping up with teh marketz. Worse than the wave after wave of failures and buyouts — at least for a conscientious commentator — is the pounding surf of new and opaque terminology, each carrying what feels like more and more analytical freight and econopocalyptic power.
The latest of these is ‘mark-to-market’.
Tim Carney is where I turn first to get sane quick about what the heck is going on. Only afterward can I brave the blogs. Hilzoy, posting at The Washington Monthly, thinks we’re crazy to switch to some other thing called ‘mark-to-model’. Barry Ritholtz leads with this quote:
“Suspending mark-to-market accounting, in essence, suspends reality.” -Beth Brooke, global vice chair, at Ernst & Young
And Mark Thoma has fun, via Andrew Leonard, pointing out that mark-to-market reaches across the aisle.
My role remains restricted to providing links, inventing timely portmanteau words, and coining ruefully humorous catchphrases — a sector of journalism which will never go out of business.