By far the worst start of the year for the stock market (and administration) since 1900.  (Bespoke, ibid)

The Dow is some 32% below its 200 day moving average.  Levels not seen since November.  (WSJ.com)

“It is now time to be greedy when others are fearful and irrationally non-exuberant.”  (TheStreet.com)

“At a time like this, taking a little bit of action can give you a lot of comfort — both as an immediate salve for your market wounds today and as a portfolio strengthener in the years to come.”   (WSJ.com)

The market is implying negative sales growth for the S&P 500 over the next five years.  (Value Expectations)

Merger arb spreads are a mess.  (WSJ.com)

Just because stocks look cheap does not mean they cannot fall further.  (FT Alphaville, Free exchange)

Don’t read too much into the VIX futures. (Daily Options Report)

How did GE (GE) get itself into this single-digit predicament?  (Clusterstock, Zero Hedge, Accrued Interest, Curious Capitalist)

Buy farmland, short infrastructure stocks.  (Clusterstock, ibid)

Stock market giving you trouble?  Don’t even think about trying to trade foreign exchange.  (The Big Money)

AQR Capital jumps into the mutual fund business.  (Fortune.com)

The hedge fund bubble has popped.  What comes next?  (VanityFair.com)

Where does the stock market stand on an inflation-adjusted basis?  (Trader’s Narrative)

Jeremy Siegel’s attempt to create a better earnings figure for the S&P 500 doesn’t add up.  (Contrarian Edge)

You need more than 13F filings to properly replicate hedge fund performance.  (World Beta)

Has the stock market given the Obama administration a big thumbs down?  (Deal Journal)

No wonder so many people are against bank nationalization, The case of AIG shows that the Feds really don’t know what they are doing.  (Big Picture)

Public pension fund underfunding is the next shoe to drop.  (Baseline Scenario, Dealscape)

On the relationship between stock market crashes and the risk of depression.  (WSJ.com, Free exchange, FIveThirtyEight.com)

Why isn’t the rest of the world, except China, doing more to stimulate their economies?  (Curious Capitalist)

How job losses are spreading across the country.  (NYTimes.com)

Rising saving rates could offset any benefit from the stimulus plan.  (MSN Money)

Will macroeconomics emerge from this crisis with a better understanding of itself?  (Freakonomics)

Are we sticking our youngest generations with bills they can never pay off?  (FT Alphaville)

Bailout Nation coming to a bookstore near you courtesy of John Wiley & Sons.  (Big Picture)

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