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My understanding is if the banks and other financial institutions wrote down their debt, marked to market, they'd be bankrupt.  Which would collapse the $822 billion a day US bond market, which would, IMHO, collapse major US corporations who depend on the Money and Bond markets for short and long term financing.

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
by ATinNM on Sun Oct 30th, 2011 at 01:10:25 PM EST
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