Accounting is an art, not a science.

To make financial markets less vulnerable to their inevitable cycles, it is an essential responsibility of both private financial actors and government officials to study, develop and implement countercyclical approaches.

The conceptual deficiencies of the fair value accounting theory make it a poor choice for most companies as an accounting standard.

The underlying idea—that financial institutions are "interconnected" and the failure of one will drag down others - is not implausible. But like so much else that underlies the Dodd-Frank Act, it was accepted as true—and acted upon—without much evidence, or even much thought.

"Fair Value" accounting is not a fact. It is a theory that has had enormously damaging real world results.

Companies should be permitted to publish pre-fair-value accounting statements as well as marked-to-market balance sheets, which would offer investors multiple perspectives on firms' financial health.

Theunfair and faulty"fair-value" accounting theory isdetrimental to themarket economy.

Participation in a roundtable hosted bythe House Government Reform Subcommittee on Regulatory Affairs on section 404 of the Sarbanes-Oxley Act.