Here’s the problem: The president never defines what he means by “fair.” And this is for a simple reason: his definition is simply not recognizable to most Americans.

America's version of capitalism has been much more dynamic than Europe's. Why don't Obama and Romney debate that?

The debate about fair value accounting has only intensified since the financial crisis began.

The Shadow Committee believes that despite the shortcomings ofFAS 157 (Fair Value Measurements), simply suspending the accounting rulewould be a mistake. Instead, the Committee recommends that the SEC and banking agencies make a concerted effort to require more detailed information about the holdings of specific financial assets as well as the methods by which the assets are valued.

Fair value accounting has been the principal cause of an unprecedented decline in asset values and an unprecedented rise in instability among financial institutions.

Generally Accepted Accounting Principles (GAAP) is an accounting system that relies primarily on cost to establish balance sheet values. This works well when hitched to a depreciation system that reduces the value of assets as they are used up or made obsolete. But how should companies account for financial assets...

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