I was absolutely floored by the activity generated by the mark-to-market changes today, so I went back and re-read the proposals. I'm not getting it - there really isn't any significant change in the proposals. Really, there isn't.
Now someone will come back and say that everyone else is saying that it's going to allow the evil banks to mark their positions to some fantasy level - but, they already are. You can't mark these things up any higher than 100%!
This ultimately changes nothing. The relatively insignificant changes it makes to where you can bucket your loss is just another thing you need to analyze (discount) before you invest in the company in question.
The market is dying for good news...