Extra Credit, Thursday Edition

Banking pay just won't go away: Andrew Clavell defends the banks. "Mortgage borrowers and mortgage-asset investors were both long housing assets, the former with a call option on the upside, the latter by shorting puts on the downside for yield premium. Investment banks, at whose doors Mr Wolf et al are laying the blame for the outcome of this misguided speculation, just saw an opportunity to intermediate this activity and did so successfully."

Anna Schwartz blames Fed for sub-prime crisis: In the world of monetary-policy wonks, this is huge.

After more than 20 happy, but increasingly crowded years in Monterey, the TED conference is moving... to Long Beach! Ideas, in Southern California?

A Revival of 1992’s Glum Mood: Leonhardt compares 2008 to 1992.

Dismal Science Sees Upbeat Future: "Forget the talk of recession. The world is about to enter a new era in which miracle drugs will conquer cancer and other killer diseases and technological and scientific advances will trigger unprecedented economic growth and global prosperity."

The Geography of Hedge Funds: Unsurprisingly, it helps to be located where you're investing.

Dr Anthony Seldon: 'Enough of this educational apartheid'

Kass: Buy Citigroup for a Rainy Day Why? Because GM went up after it cut its dividend. In 1975.

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