More from William Pesek

Irrational Exuberance 3.0 Is Oozing Into Markets: William Pesek

Few doubt that in a world of recession and toxic debt, Asia is the least ghastly region. But 38 percent? Or 52 percent? Bullish on Japan? All that’s driving the rally are signs that the U.S. may not be heading into a new Great Depression. It’s not underpinned by indications that solid growth is afoot, just a sense that fewer of us will soon be homeless. Bubble, anyone?

From what I've read over the years, bet against William Pesek at your own peril. I've quoted him quite a bit since starting this blog (mainly because I think he truly gets it). Let's use the wayback machine to see what he said before the global economy crashed.

September 6, 2007
Let Them Eat Cake!

Rarely have monetary-policy makers faced a more daunting assortment of things that could go awry. They include a global credit crunch, swooning stock markets, out-of-whack currencies, hedge-fund blowups and whether to fret more about inflation or recession -- or both.

July 11, 2008
Pop Goes the Weasel (Musical Tribute)

Policy makers are merely putting off the inevitable and treating the symptoms of what ails the global economy. If they aren't careful, Japan's experience during the 1990s will become a familiar one.