WSJ: How long do you think this whole process will take, before we get back to normal?

Mr. Bernstein: Longer than people think. The people who think we will have turned in 2009 are wrong. There has to be a respite along the way. Nothing goes in one direction forever. But it will take longer than people think. If that weren't the case, I would be talking entirely differently. I would be saying, "What an opportunity we have got." And I just can't believe that the opportunity is here yet. There is too much to unwind.

WSJ reports that market volatility increased when the “uptick” rule was removed last summer. I guess this has more to do with the credit crisis since last August than with the removal of the rule. It just happened to be case that the timing of the removal coincided with the credit crisis. Nonetheless, the debate itself is quite interesting.