The upside of the global recession

So here’s a quickie take on the credit crisis:

– stimulus worked and a depression was avoided; no permanent damage done (yes, high deficits but at least the global economy didn’t melt down)
– Western economies stalled, but since real incomes have barely moved in over a decade, what we’re left is essentially a pretty stinky status quo, but a status quo nonetheless. The whole crisis is a wash
– Emerging economies have benefited from the West’s excessive debt-fueled consumption because they got to make, export and sell stuff; millions were lifted out of poverty. The crisis is a net positive

Bottom line: The crisis and the bloated spending the lead to it is basically a net positive for the global economy because the West didn’t really lose too much ground and the emerging markets were able to catch up.

I dunno, do you buy it?