Lost amid the doom and gloom of these write-downs and lackluster earnings reports from some U.S. companies is the fact that, eventually, "write-ups" could result. That means that in future quarters, be they in 2009 or later, these same banks could "write-up" the value of these assets, most of which are linked to mortgage loans. For that to occur, the current economic malaise must be short and shallow, allowing a majority of U.S. homeowners to stay in their homes, help stabilize home prices and, in turn, bolster the value of these assets.

I don't have a crystal ball and can't say for sure how deep a recession the U.S. is facing. But for those looking for silver-lining in the on-going credit crunch, the possibility of write-ups is one to consider.