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Zeitgeist Checklist: Stock Plunge EditionWhat Washington is talking about this week.

By Christopher BeamPosted Friday, March 2, 2007, at 8:29 PM ET

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Grin and Bear It
1. Last Week: 10 Weeks on List: 2 [UP ARROW] Business. The Dow Jones industrial average plummets 416 points, the biggest stock plunge since the 2003 Iraq invasion, but then bounces back 52 points—just enough for Wall Street to step down from the windowsill. Former Federal Reserve Chairman Alan Greenspan stokes fears early in the week by mentioning the R-word. Fed officials dismiss the suggestion and hope Greenspan focuses a bit more on a different R-word: retirement.

Il At Ease
2. New This Week [[UP ARROW] North Korea. The Bush administration concedes it only has "mid-level confidence" that Pyongyang is enriching uranium—which, by Bush standards, must be somewhere between a really strong hunch and a nagging feeling. Meanwhile, Kim Jong-il's No. 2 reiterates the North's commitment to abandoning its nuclear program. And that's why he's No. 2.

Trophy Atrophy
3. New This Week [UP ARROW] Movies. The Oscars come and go. Observers attribute Eddie Murphy's loss for best supporting actor in Dreamgirls to the unforgivable Norbit. Likewise, they attribute Babel's best picture loss to the unforgivable Babel. During a presentation with Leonardo DiCaprio, Al Gore intones: "My fellow Americans, I'm going to take this opportunity to formally announce my intention to …" And the orchestra swells. Gotcha! Still, Democratic strategists weigh the potential of a Gore-DiCaprio ticket.

McCain Relieves Unbearable Suspense: He's In
4. Last Week: 3 Weeks on List: 17 [DOWN ARROW] 2008. Sen. John McCain inches his way toward candidacy, announcing on the Late Show With David Letterman that he will make the big announcement in April. Can we please get some legislation on announcement limits? In the Romney camp, a 77-slide PowerPoint presentation leaked to the Boston Globe outlines Romney's strategy to position himself the "anti-Kerry." Doing 180s on abortion, gay marriage, and gun control should be a promising start.

Appeasement Alert!
5. New This Week [UP ARROW] Middle East. A suicide bomber attacks a U.S. military base in Afghanistan during Dick Cheney's visit. The battle-hardened Cheney—he's seen a grown man get shot in the face, after all—was unfazed. Meanwhile, the United States agrees to put down the rhetoric and join talks with Iran and Syria on stabilizing Iraq. Lee Hamilton and James A. Baker III exchange a leaping, freeze-frame high-five.