That hot summer romance between investors and the market has cooled off so quickly over the last two or three weeks, to the point where even those hero/heart-throb hedge fund managers are singin' the blues. We feel their pain. To add insult to injury, the sheriff's deputies in Washington are pickin' on them, threatening to close up that lovable loophole that lets them avoiding paying ordinary income tax on their compensation. Oh, how can you kick a fund manager when he's down and bleeding red? (Who's really down, anyway? Hedge fund performance is linked to market volatility, not values.) Riding to the rescue, as reported today, is country music star Merle, um, Hazard, singing his hot hit H-E-D-G-E. While he croons, fans swoon: Whee-doggies. I seen some good songs, but this'n here is the first I done seen that addressed my partickalar concerns about global liquidity in asset backed securities markets, and the inadequacies of the rating agency models for evaluating C.D.O. risk on subprime collateral.