Things change quickly on Wall Street. We apologize in advance if some of these links are a bit dated in the wake of the Federal Reserve’s decision to lower the discount rate.

Caroline Baum at Bloomberg.com with some insight into Fed Chairman Bernanke’s thinking on the causes of the Great Depression and why that might be guiding his decision making today.

It looks like the Fed is simply catching up with the money markets. (via Bespoke Investment Group)

Count Greg Newton at NakedShorts not all that surprised by today’s Fed move.

Accrued Interest on why the Fed move might alleviate some of the damage from growing capital market illiquidity.

“It appears 30 year rates for prime conforming fixed-rate mortgages are still within the normal range when compared to 10 year treasury yields.” (via Calculated Risk)

Citadel Investment Group comes to the rescue of yet another troubled player. (via Chicago Tribune)

Leverage cuts both ways. (via Big Picture)

The carry trade is still in the process of unwinding. (via Market Movers)

Congratulations! It is an official 10% correction. (via MarketBeat)

What happens when we have an big intra-day reversal? (via Paul Kedrosky, Bespoke Investment Group & CXO Advisory Group)

WSJ.com on how has the market fall affected: emerging markets, merger arbitrage and REITs?

Was widespread gastrointestinal distress a sign of a market bottom? (via FT Alphaville)

What is the difference between panic and capitulation? (via MarketBeat)

How have the covered-call writers fared the past couple of weeks? (via Daily Options Report)

All About Alpha on why some analysts are not yet ready to analyze 1X0/X0 strategies properly.

Tyler Cowen at Marginal Revolution on the growing backlash against securitization.

Have we missed an interesting post in the investment blogosophere? Then drop Abnormal Returns a line.