Academic

Wall Street's big, bad day has lots of legal and public policy implications.  In case you haven't seen them:

• What was it like lawyering these deals? 
• Matt Bodie concocts a relevant fable - and we think the Fed could have bailed out his Lemon family.
• This blog has repeatedly noted the lack of clear authority for the government to act as it has had to.  John Carney celebrates this incoherence - you get necessary bailouts, and forestall moral hazard too.  Hmm.  We'll take it under advisement.
• Speaking of Carney, and Dealbreaker, here's how all over Lehman they were (and they're already breaking stuff on AIG).  It's a nice summary, too.
• The government is scotching Frannie's golden parachutes, and why not, since the executives hardly facilitated the conservatorship?
• Daniel Gross's taxonomy of bailouts, if you haven't seen it.
• Michael Lewis: good stuff on why Bear was treated differently, and what lessons Asia will be taking from the news.