The U.S. banking system has been re-made in a matter of weeks.  (WSJ.com, TheDeal.com, MarketBeat)

How the bailout bill might move forward.  (naked capitalism)

What are the alternatives to the modified Paulson plan?  (Aleph Blog, Mavercon, Interfluidity, Marginal Revolution, ClusterStock.com)

Paulson’s mistakes recounted.  (Growthology)

“Congress needs to put up or shut up…”  (Infectious Greed)

Did you miss Black Monday back in 1987?  Yesterday should give you a taste for it.  (Morningstar.com also Economix, Trader Mike)

Volatility reigns.  A look back at the VIX.  (Daily Options Report)

An historically bad September for the stock market.  (Floyd Norris)

The money markets are still frozen.  (FT Alphaville, Brad Setser, Calculated Risk, FT Alphaville, Big Picture, MarketBeat)

What model would the Treasury use to price mortgage-backed derivative securities?  (Market Movers)

Many hedge funds may close as they see assets (and employees) walk.  (WSJ.com, ibid)

The consolidated banking system leads to more too-big-to-fail banks.  (TheDeal.com)

A (money management) business is worth what some one else will pay for it.  (NakedShorts)

Bill Miller’s flagship fund “now lags the S&P index over three, five and 10 years as well.”  (DealBook)

“Perhaps short-sellers weren’t the problem after all.”  (WSJ.com)

The money market mutual fund insurance program is in place.  (WSJ.com)

Corporate bonds have been trashed.  (TraderFeed)

79% of the S&P 500 are oversold.  (Bespoke Investment Group)

Rising risk aversion is going to transform the financial services marketplace.  (Market Movers)

Transparency, transparency, transparency.  (Information Arbitrage, IndexUniverse.com)

The IPO market is closed.  VC funding slows. (SFGate.com, A VC)

“The key to trading success is finding the patience to capitalize on those things you do know and the wisdom to accept what is uncertain.”  (TraderFeed)

What to do in the face of the emotional upheaval of the last year.  (Capital Spectator)

A fine point on data sources and systems testing.  (MarketSci Blog)

The economic stimulus is wearing off.  (Floyd Norris)

Non-news item of the day.  Housing prices drop in July.  (Calculated Risk, Real Time Economics)

Ugh.  Detroit steps up to the government lending window.  (Econbrowser)

“Juicy bits” from the new Buffett biography.  (The Big Money)

The market tanked.  Blame the Ivy League.  (Ideas)

How Apple (AAPL) could turn Apple TV into a hit.  (Silicon Alley Insider)

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