We have to blame someone, I guess, but . . .

. . . the Financial Accounting Standards Board did not cause this depression (congressional statements to the contrary notwithstanding):

If mark-to-market accounting is to blame for the current financial crisis, then the National Weather Service is to blame for Hurricane Katrina; if it hadn’t told us the hurricane hit New Orleans, the city would never have flooded.

High and Low Finance -
Bankers Point to the Rules as the Problem -
NYTimes.com