We want to wish all of our readers a happy and healthy Fourth of July.

Don’t believe all the hype about record Wall Street bonuses.  (The Big Money)

Taking a longer term look at implied volatility.  (Barron’s)

Bond default rates continue to rise.  (DealBook)

Mortgage REITs are the new vehicle of choice to invest in beaten down real estate.  (WSJ)

Welcome back the uptick rule.  (NYTimes)

What is the best way to assess investment performance?  (New Rules of Investing)

In defense of target-date mutual funds.  (Morningstar via felixsalmon)

Burton Malkiel believes in indexing and China.  (Barron’s)

Just how much trouble is Harvard facing?  (Vanity Fair)

Big banks present the major risk going forward – to both the economy in general and to smaller banks in particular.”  (Baseline Scenario)

There was a time when banks bailed out the US and not the other way around.  (The Reformed Broker)

How AIG Financial Products brought down the global economy.  (Vanity Fair, Felix Salmon)

The markets want a real turn in the economy.  (Breakingviews)

High unemployment may be with us for awhile.  (FT, The Atlantic)

A surge in inflation is off the table for now.  (Real Time Economics)

The state of Florida just a gust of wind away from running to Uncle Sam.  (finem respice)

“Extraordinary events, both good and bad, can happen without extraordinary causes, and so it is best to always remember the other factor that is always present—the factor of chance.”  (WSJ)

The blogosphere is professionalizing.  (Ezra Klein, Marginal Revolution, 11D)

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