Those who don’t want to see Mark to Market accounting rules change, or those who want to see them done away with all together, have been on the offensive trying to convince FASB from making much needed fixes. The Wall Street Journal and other publications have carried a wide-range of stories from how these proposals will harm the Geithner plan to resolve the toxic asset crisis, to the need for FASB to reassert its independence.

The truth of the matter is that when the system is broken, it needs to be fixed. Let's take a look at the rules:

1. Asset prices must be based on market values.
2. If a market no longer exists, use judgment in valuing assets.
3. If using judgment to value assets, go back to rule one.
4. If the asset has significant cash flows, but has lost value, you can’t recoup the loss.

Does this system work? Investors and businesses have been using sell orders over the past 18 months to say no.

The Chamber has been steadfast in advocating solutions to accurately value assets. No more, no less. The truth of the matter is, if FASB does nothing, or close to nothing tomorrow, we will remain in the quagmire. If an honest effort is made to change the broken system, we may be on the road to recovery.

We need a little more Patton and a little less Nero. The process may not be pretty, but we need results, and we need them now.