the markets have soared, and on the face of it, a lot of people seem to believe that the bad dream has ended. they are committing the same mistake as the one that got us where we are today: ignoring reality.
injecting the banking system with a bucket full of tranquilizers doesn't actually make it healthy again. and most of us haven't even realized that the banking crisis is merely a distraction. the real problem is that unrealistic house prices around the world underpinned and still underpin an unrealistic level of consumption. that will erode, and china will have to find somewhere else to ship its exports.
therefore, this is only the beginning.
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