IBES consensus remains overly optimistic on 2009 earnings - Combine the 2008 and 2009 earnings estimates and this downturn would not only be the second shallowest in the history of Asia ex, but also the 2nd shortest. Throughout this cycle, IBES forecasts for India show no decline in earnings, while less than 1% drop for China. Yet their expected earnings recovery in 2010 will be above mean!