No wonder Warren Buffett says the U.S. economy has improved "tremendously." Just look at Wells Fargo's record third-quarter profit. Buffett's the bank's biggest shareholder, at 6.5 percent, or more than 300 million shares.

Details of the earnings picture, at 247wallst.com, about what you can reasonably call Buffett's banks. A bigger picture? Buffett as a "lagging indicator" of the bubblicious current market.

He's not really been buffeted by the meltdown, as we already know, and he actually greatly benefited from the bailouts.

The Nebraskan still prescribes carrots and sticks. In his heart of hearts, Buffett probably agrees with Paul Volcker that the megabanks are ridiculously large and recklessly involved in investment-banking activities that they shouldn't be. But still ... Buffett's having a good ride atop that Wells Fargo stagecoach of loot. And his modest home in Omaha is all paid off.