The banking industry suffered credit crises in the 1970s, 1980s, 1990s, and 2000s. An unavoidable conclusion is that its loan loss reserves were in all cases too small. 

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

What is accounting truth? This is the best we can do.

The federal government has taken over large swaths of consumer lending, most notably the $10 trillion home mortgage and $1 trillion student lending markets. The government's share of new loans for each now approaches 100%.Government monopolies in financial services pose risks to taxpayers as well as borrowers

Shifting government workers to 401(k)-style plans would offer greater transparency and keep benefits in line with the private economy.

The conventional ways of cataloguing and reporting health spending significantly understate the government share of health spending.

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.

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