The Mark-to-Market accounting on which I commented in my recent blogs resulted in global damage. All true investors got run over by this mark-to-market onslaught.
I have always felt that there are two kinds of investors; traders who need daily prices which can be unrealistic. And long-term investors who get misled and potentially hurt, if they act on those abhorrent, volatile short-term quotes.
The financial meltdown was certainly an error by government appointees thinking too short-term and subjective, and therefore, prone to panic–driven decision procedure.
This created havoc among small and large investors in pension funds, who look to the long-term and are not interested in daily pricing, (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)
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