He hasn't really been wrong in the last 2 years, he's just been wrong about the speed at which it's occurring. I think in the past 2 years things have actually deteriorated further - debt has increased, unemployment still high, currency has depreciated...if you will, think of a spring absorbing potential energy...you don't experience the shockwave until the spring is released (a majority of what I'm describing only pertains to the U.S., tho many parts of Europe as well).