Is Buffet correct? Is Krugman equally right?

The magnus of Omaha Warren Buffet has announced the economic desert US financial institutions and economy have being traversing is nearly the promised land. In short, the worst is over. Paul Krugman of Princeton suspects so, too, but he has issued a note of caution; if the downturn has stopped and it looks as though there might be more rosy economic news tomorrow, chances for reform and regulation of the markets will go the way of all flesh, and the smart arse bankers who gave us CDO's, ABS', SVU's, and the like will go their merry way doing their darndest to bleed the economy dry for their own class' enrichment and iron grip on power. A sad commentary indeed.