The next bubble must be large enough to recover the losses from the housing bubble collapse.” (Harper’s via Arts & Letters Daily)

Choice quotes on the unlikely predicament of Wall Street nemesis Eliot Spitzer. (, DealBook, Epicurean Dealmaker, Going Private, Big Picture)

Reactions to the Fed’s liquidity push. (Alea, MarketBeat, Big Picture, Aleph Blog)

Financial crises are inevitable when model builders have little or no real market experience. (TraderFeed)

(T)he credit market model is broken and must be fixed.” (FT Alphaville)

Does hedge fund replication actually increase systematic risk? (

The pieces are in place for a counter-trend rally. (Kirk Report)

A system that would have kept you out of the worst of the market declines. (World Beta)

Switching from hot anomaly to hotter anomaly can generate excess returns. (CXO Advisory Group)

“My feeling is that we’re a very, very long way from the point at which passive investments carry significant negative externalities.” (Market Movers)

Investors have pulled back from the oil ETFs. (

Check your ETF fills. (NakedShorts)

Private equity firms should be turn around shops. But there are limits.” (Going Private)

“So how should Wall Street firms respond to the “purgatory” that PE shops are in right now?” (Prince of Wall Street)

“(C)hances are pretty darn good that we that we’re into the second recession of the G.W. Bush presidency.” (Econbrowser)

Could we still avoid an official recession? Some forecasters think so. (Calculated Risk)

(S)ilicon Valley needs to wake up to the fact it is soon going to be a consolidating place, if it isn’t already.” (DealBook)

No wonder Starbucks (SBUX) is in trouble. “Scientific research has indicated that lightly roasted coffee brewed strong is a better antioxidant than green tea, black tea or cocoa.” (Science Blog)

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