“If you compare stock prices to underlying business value, stocks are cheaper now than at any time since 2002.” (Morningstar.com)

More on the “lost decade for stocks.” (Bespoke Investment Group, Bill Rempel, Dash of Insight)

The inside story of blow-up number two for John Meriwether and JWM Partners. (WSJ.com)

A new era for equity market volatility. (Big Picture, Daily Options Report, VIX and More)

Skewed option prices for individual stocks may tell us something about future performance. (CXO Advisory Group)

Has the credit crisis changed the way investors approach financial assets? (naked capitalism)

“The slow unwinding of the real estate excess, in turn, means that the turmoil in the financial markets and the country’s broader economic problems also aren’t anywhere near their end.” (NYTimes.com)

Inflation-adjusting the housing bubble. (Curious Capitalist)

The “tables have turned” for aggressive Chinese property developers. (Jeff Matthews)

“Once again, the current recession is “probable” and hasn’t been declared by NBER.” (Calculated Risk)

Allan Meltzer – “Monetary policy is too lax at present.” (Mankiw Blog)

The European economy is holding up, for the moment. (NYTimes.com, FT Alphaville)

The fallout from the uncertainty surrounding the Clear Channel (CCU) buyout. (DealBook, DealScape, MarketBeat, DealZone)

The fallout from layoffs on Wall Street. (Epicurean Dealmaker, DealBreaker.com)

The credit crisis in a nutshell. (Abnormal Returns also Bespoke Investment Group)

Have we missed an interesting post (or site) in the econoblogosphere? Feel free to drop Abnormal Returns a line.

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