“This was the year the financial system stopped working.”   (NYTimes.com)

Kiss that $17 billion goodbye.  (DealBook, FT Alphaville, Real Time Economics, Clusterstock)

Everybody likes this plan for Wall Street bonuses, except Credit Suisse bankers.  (breakingviews.com, Deal Journal, Clusterstock, Curious Capitalist, Asymmetrical Information)

“If you want to know why a sociopath like Madoff slipped throught the cracks — as an industry, we do not dedicate enough resources to vetting managers.”  (Big Picture)

Investors seeking safety are pushing longer term Treasury rates down.  (MarketBeat)

“A record number of hedge funds went bust during the third quarter…”  (CNNMoney.com)

This is still just a bear market rally.   (Humble Student)

“The problems for debuting new ETFs mark a stunning reversal for the industry.”  (WSJ.com)

What are contrarian stock pickers up to?  (FT Alphaville)

“The single most dangerous thing I hear on TV is the constant desire to ascribe causality to EVERY SINGLE MARKET TWEAK.”  (Daily Options Report)

Should we think about Microsoft (MSFT) as a utility, as opposed to a growth stock?  (Barrons.com)

Another good reason to ignore stock buybacks.  (CXO Advisory Group)

Comparing China ETF choices.  (IndexUniverse.com)

10 reasons you are better off in ETFs.  (ETF Trends)

Are the ‘fragile ecosystems‘ of the global economy at risk in this crisis?  (Ultimi Barbarorum)

Will 4.50% 30-year mortgage rates keep the housing market from overshooting on the downside?  (Market Movers, Odd Numbers)

“So when does Fed policy truly become inflationary?”  (Economist’s View)

Some evidence that the credit crunch is real.  (Econbrowser)

A happy second blogiversary.  (naked capitalism)

A new finance/investing podcast series.  (Capital Spectator)

The 50 Best Business Blogs of 2008.  (Business Pundit also Financial Armageddon)

A guide to blogging.  (Slate.com)

Have we missed an interesting post in the investment blogosphere? If so, feel free to drop Abnormal Returns a line.