While you're reviewing the events of the week, and find the not-so-surprising revelation from Grandmaster Buffett that the economy has "fallen off a cliff," remember that Grandmaster B was telling you to Buy Buy Buy in mid-October.
If you followed his advice at Dow Oct 20 2008, look what would have happened to you.
That's right - you'd have fallen off a cliff, with a nice shove from G'master Buffett.
My Capitalist Pals are much more levelheaded than the markets: "The notion that a single bank - even if it is Citigroup Inc. (C) - could single-handedly cause this kind of an upside rout on a leaked note from its embattled CEO is absurd." At the end of the 38% one-day boom, Citi was up to . . . $1.45 a share! - still the world's most famous penny stock.
About Bernie Madoff - the guilty plea is a cover story - noted indirectly in the NYT coverage. We don't know anything yet.
The best financial mourning line of the week comes from John Authers at the FT March 10:
"Perhaps the greatest reason for hope at present is that almost all hope seems to have been lost."