Extra Credit, Friday Edition

To whom and for what? "The cancer is on Main Street, and the tumor has been growing there for years. Wall Street provided drugs to hide the pain and keep us going, palliative but not curative. What is happening now is those drugs are wearing off."

SEC tries to bankrupt Wall Street: What’s going to happen to all the cash brokers were sitting on in the wake of their clients going short?

Dogs and Cats Living Together: "I say it’s time to buy risky bonds. Either things recover. Or the fact that your bond portfolio has gone bust is the least of your worries."

John McCain Is Not Qualified to Be President: He thinks that the Fed "needs to get out of the business of bailouts". Er, no, it doesn’t.

Did the Gramm-Leach-Bliley Act cause the housing bubble? "GLB made it possible for JP Morgan to buy Bear Stearns and for Bank of America to buy Merrill Lynch. It’s why Wachovia can consider a bid for Morgan Stanley. Wince all you want, but the reality is that we all owe a big thanks to Phil Gramm and others for pushing this legislation."

Adios Free Markets…Mixed Feelings Today, But Tomorrow I will HATE IT! "I have never woken up to bigger gains in my portfolio and they have never been less deserved."

ABX: Extraordinary Value: The time to buy subprime nuclear waste is when the blood is running in the streets!

Financial Terrorism, But, Like, The Real Kind? "So you have a ridiculous action taken by the Fed (insane, even), but then come up with a way to justify it by using a more ridiculous theory." Someone should remind Cramer and Ritholtz of Hume’s criterion for believing in a miracle.

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