The Fed is getting “gamed” by Wall Street.  (FT also Curious Capitalist)

Have small stocks run too far, too fast?  (WSJ)

“Yes, the rally this year is warranted, but it’s getting harder to argue for rising asset prices without a commensurate change in the macroeconomic fortunes.”  (Capital Spectator)

Summer doldrums aside, the stock market often sees a reversal (or acceleration) in August.  (Marketwatch)

Lessons learned from Irwin Yamamoto.  (Kirk Report)

Hedge funds are not reducing fees without some concessions.  (Bloomberg)

A review of hedge fund-like mutual funds.  (WSJ)

A new mutual fund launches that is designed to have a “low to negative long-run correlation to the major equity markets.”  (FINalternatives)

ETF sponsor Claymore Group gets gobbled up.  (ETF Database)

Commercial real estate defaults have risen, as REITs have rallied  (Clusterstock , WSJ)

Wall Street pay is a sideshow.  We should be worried about “Banks now lobbying with US taxpayer dollars against changes that could protect the US taxpayer from more harm in the future.”  (Information Arbitrage)

KKR is preparing a spate of IPOs.  (DealBook, peHUB)

We are trying to solve the foreclosure crisis on the cheap.  (New Yorker)

We have lost five years of real GDP per capita growth.  (EconomPic Data)

The high end home market is still mired in the muck.  (Big Picture)

“In other words, the [housing] crash reduced the number of willing buyers and sellers. An end to that crash will mean an increase in both. It’s not clear to me that one will swamp the other in a damaging fashion.”  (Free exchange)

California’s budget mess should be a wake-up call for the rest of the country.  (Newsweek)

The case for GDP bonds. (Jonathan Ford)

The mainstream media cringes, as the financial blogosphere grows in influence.  (RealPropertyAlpha, Wall St. Cheat Sheet)

Charlie Gasparino takes on Matt Taibbi over Goldman Sachs (GS). (The Daily Beast)

An interview with energy blogger Chris Nelder.  (My $10,000 Dollars)

Guess what asset class is up 10-fold in the last five years?  (Crossing Wall Street)

A new leading economic indicator – The Hot Waitress Index.  (NYMag)

Why “grit” may be an important component in achieving success.  (Boston Globe)

How to sign your e-mail, or not.  (WashingtonPost)

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