Extra Credit, Sunday Edition

The End of the Financial World as We Know It: Part 1, Part 2. Lewis and Einhorn are right; it’ll be interesting to see whether Tim Geithner moves in the direction they suggest.

Risk Mismanagement: Nocera on VaR.

A second tulip mania: The contemporary-art bubble. "As Kindleberger has shown, it is a condition of a speculative mania that new ‘assets’ be manufactured to meet raging demand—so the recent bubble has focused on the works of living artists such as Hirst, Koons, Prince and Murakami" who produce work in bulk.

Responses to Questions of the First Report of the Congressional Oversight Panel for Economic Stabilization: Kashkari gives pro-forma replies to Elizabeth Warren, rather than really engaging with the substance of her report.

Credit Card Companies Willing to Deal Over Debt: Another for the schadenfreude files. "Landmark changes to bankruptcy legislation passed in 2005, for which the industry aggressively lobbied, seem to have hurt card debt collections."

Housing Prices vs. Wildfire Acreage in U.S.: An correlation with a colorable case for causation.

High Concept/Alan Partridge: ER: The Finance Department.

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