While Jim Cramer and others are wringing their hands, the people I respect most are turning bullish.

At least, over the long term.

Let's start with John Bogle. (Doesn't it always start with John Bogle?)

Judging by the series of interviews he's been giving lately, Bogle is very worried about the U.S. economy. As he said in an interview with Forbes today (highlighted by Murray Coleman in our invaluable new daily news roundup), "it will be a year-and-a-half to two years before [the U.S. economy] turns upward."

That doesn't mean investors should be sitting on the sidelines. Far from it. Bogle says the market may be undervalued by about $7.5 trillion right now, and thinks that the market has likely over-discounted the impending recession.

Bogle's not alone. In the forthcoming January/February issue of the Journal of Indexes, Rick Ferri (a great financial advisor) calls this "the greatest opportunity in our lifetime" for

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Look Who's Talkin'

You've heard it all before. But for the uninitiated, we're providing a link to our own Matt Hougan, who was grilled by reporter Trang Ho for this Q&A appearing in Investor's Business Daily on Tuesday.

Hougan comes through, providing what IU.com readers have become accustomed to -- unblinking analysis and fiercely independent commentary on everything relating to ETFs.

You can see

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First item; Yesterday I mentioned a risk I think I see of a huge rally that ends up drawing people in too late who end up panic selling potentially doubling their losses from the current bear market.Regardless of whether this is the depression, the end of the US financial system or something worse the path down has been remarkably fast and all encompassing. Some sort of massive retracement, even if short lived, should not be a shock.Regardless of whether yesterday was short covering or natural buyers coming in I believe it speaks to a willingness (hopefulness?) to take them higher very quickly. I would not take this as a prediction but more something to think about in terms of what you would or would not do in case it happens.Second item; There have been a few sour comments left ...