This is the week that saw a real Market Crash
Let's call it the January Black Monday, 2008 edition.
It was probably caused by the unwinding of Société Générale's outsized fraudulent positions of a certain Jérome Kerviel.
It's ironic because I used to work for them as a consultant.
They were always very proud of their sophisticated models, their sophisticated traders, and, more generally, their own culture.
This is a perfect example of arrogance being punished.
