As noted earlier in Chapter 1, some critics of SFAS No.157 maintained that it caused or exacerbated the 2007-2008 market crises by forcing a downward spiral of valuations based on distressed institutions. They also raised concerns that as a result of SFAS No. 157 and 115 (see Chapter 8), financial institutions were forced to book losses on securities that may have value after the credit market crisis has passed. However, proponents of the standard maintained that suspending or revising SFAS No. 157 would be a disservice to investors who deserve to know the current value of a reporting entity’s assets and liabilities.