Churn, churn, churn...
- In this morning's first post, we questioned the strength of yesterday's big move. Here's Mark Hulbert on that very question and, from Sunday's New York Times, the broader question of whether equities have carved out a true bear-market bottom.
- Here's a revealing post on the three options available to under-performing money managers. (This trio isn't a perfect analog, but it reminds us of one of our very favorite books, one relevant to an effectively infinite number of situations in life: Albert O. Hirschman's Exit, Voice, and Loyalty.
- Two good posts from Econbrowser: James Hamilton's "Not exactly a boom, either" and Menzie Chinn's "Revisions matter. So do levels."
- The FT's William Buiter notes an obvious-but-under-appreciated fact of life in market systems: "Capitalist market economies are inherently cyclical. The private credit system is intrinsically prone to alternating bouts of irrational euphoria and unwarranted depression. Busts play an essential role. They clean up the mess created during the boom by inflated expectations, overoptimistic plans and unrealistic ventures."
- From the WSJ's Real Time Economics, a round-up of commentary on yesterday's Fed statement from the usual suspects.