Borrowed from an October 6 Article about TARP (Troubled Asset...)

"Federal Reserve Chairman Ben S. Bernanke told lawmakers last month that the government would likely pay above current ``fire-sale'' values, while still seeking discounts to shield taxpayers. The sales will force some financial institutions to book losses they've been able to avoid until now."

end quote

Therein lies the rub folks. The "frozen" credit market, the asset managers refusal to accept market value for properties in the real estate market. All products of fear on the part of the financial institutions to take market value.

The emporer has no clothes. Now what?