I can only hope you're kidding. Those pension funds and state budgets are in shambles because they were underfunded and relied on the market to tell them the value of their holdings rather than the kind of fundamental analysis performed by Burry, because the market gave their investments ridiculous rates of return.
"Mark to market" is dangerous because it equates your option of selling an asset at the market price with the actual exercise of that option. It would be better to model the asset using the actual stopping times the firm uses to decide when to sell (on the portfolio as a whole).
Why would I be joking. How is expecting the common decency from a fellow human being to tell you that you're standing on a live train track funny? The money managers/investors screwed over an entire economy because they were greedy and were willing to exploit esoteric financial laws/practices and consumer ignorance to sacrifice money that wasn't their own. There is no joke here.
"Mark to market" is dangerous because it equates your option of selling an asset at the market price with the actual exercise of that option. It would be better to model the asset using the actual stopping times the firm uses to decide when to sell (on the portfolio as a whole).