Mark To Market

Some headlines from Bloomberg today:

Manufacturing in U.S. Contracts at Faster Pace Than Economists Estimated
Cash-Starved Corporations Scrap Dividends, Tap Credit Lines to Raise Funds
Trichet Says Congress Must Back Bailout Plan for ‘Sake of Global Finance”
Treasuries Rise; U.S. Growth May Slow Regardless of Rescue Plan
Bank Bond Spreads in Europe at Record on Funding Woes

Aside from a relief rally in stocks yesterday, you can see from the headlines things have not improved much in the credit market trenches. Of note was a “clarification” by the SEC and Financial Accounting Standards