Best of the Net - Monday August 18, 2008

Caroline Baum gives an account of Greenspan's ability to create "once a century events" numerous times in his 18 year central banking career, all of which "required" stimulating of the economy. Her article is titled No limit to Greenspan's Once a Century Events

Kevin Depew addresses price fixing and asks a valid question that if there are institutions "too big to fail", there must also be those that are "too small to save" in his daily Five Things You Need to Know: Too Small to Save

Bennet Sedacca has another two part series on the credit markets with No Credit For Financials, Part 1, and Part 2

John Xenakis of Generational Dynamics writes on the soaring P/E valuations as 2Q earnings have clocked in at -22% YoY. The S&P 500 is currently trading at 26x earnings with the expectations that 3Q and 4Q will be enormously positive. John and I both think otherwise. Read his article here: Price/earnings Ratios Continue to Surge as Corporate Earnings Plummet