What does he know differently from what you stated that he could be disagreeing with. The truth, the telling, unfortunately will be in the future.

He can't be disagreeing with the dereliction of duty point. Or can he? Just a few bad apples? The rating companies are supposed to be in bed with the companies they rate?

The west hasn't been feeding and taking advantage of the policies of the east; 1) Japan to shake out their 80's bubble and China and others to build infrastructure in lieu of gain fantastico? That Greenspan didn't keep rates too low too long? That these bubbles weren't a desired result, allowing the economy to be sucked dry lest everything stagnate.

That the income of the lower 90 or 95% hasn't stayed roughly the same since the 70's?

What is he disagreeing with?

The economy has been falsely on fire since the tech-bubble 90s. It appears that the following bubble (housing) was meant to disguise the fact that a shake out of the previous one hadn't fully occurred. But they knew that they couldn't go through a 3 year trough like Reagan did and survive.

Then the Amp'd Economy of the False Trade-bubble spun the housing-bubble to another dimension - the shake out will have to be gi-normous.

To bet that Dow 9,000 is the end of a shake-out is to bet that everything is up from here. We have seen the last of it. The recession is over. 750 billion thin-air-created dollars, promised but not yet thrown into the pool, has inoculated us from the 30 trillion dollar false economy of trades on fake trades. Everyone can jump right in, the chlorine that is coming -being loaded on the truck right now - has cleaned the feces from the pool. It is safe now. Get your shopping on~!

One wonders if Martin Wolf can post to other sites - perhaps he would like to explain or defend his disagreeing statement.

Never underestimate their intelligence, always underestimate their knowledge.

Frank Delaney ~ Ireland