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Features of the week

"The whole of economics can be reduced to a single lesson, and that lesson can be reduced to a single sentence. The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups." - Henry Hazlitt. Economics in One Lesson.

We bring you our, "Features of the week".

1. Troubled Lehman Brothers races to find a buyer.

See also: "A Bailout for Lehman? Not Likely"; and a "bad bank" for Lehman's toxic assets.

2. US crude oil futures dip below $100, despite Hurricane Ike threat.

3. Fannie Mae and Freddie Mac accounting created a "house of cards".

4. Fannie/Freddie bailout wins Pimco $1.7 billion.

5. Government bailouts are likely to prolong economic downturns.

See also: Jim Rogers on America's "lost decade"; FT, "Cost of US loans bailout emerging"; Mark Thornton on, "How to avoid another Depression"; Roger Lowenstein, "Long-Term Capital: It's a short-term memory"; David Weidner, "The birth of Wall Street's bailout culture".

6. Alt-A mortgages next risk for housing markets as defaults surge.

7. Hedge fund glory days fading fast, says New York Times.

8. New hedge fund strategy - lower fees.

9. Red Kite Metals fund takes a hit, while BlueGold Capital shines.

10. Michael Masters is in the news again.

11. Index Fund bets did not push oil prices up, CFTC report says.

12. Charles Maxwell talks to Barron's about $300-a-barrel oil.

13. The new commodity play: short gold, long mining equities.

14. Sotheby's falls on concern over client spending and upcoming sales.

15. Henry Ford's Detroit neighborhood tries to keep up appearances.

16. US move on Fannie and Freddie triggers CDS default.

See also: "CDS Systemic risk: a primer about settlement risk".

17. Marc Faber shares some insights on the economy and asset prices (US dollar, commodities, shares).

18. Nouriel Roubini says the banking crisis and the recession is just beginning (Bloomberg).

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