The average on line rating is 200 points higher than blitz. The whole population bell curve is skewed. What you are seeing applies to most people
They really got to sort out these Blitz ratings
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http://beginchess.com/2009/08/02/anatomy-of-a-chess-player-from-beginner-to-expert/
This site explains what ratings are supposed to mean, but it doesn't make it any clearer whether my Standard rating (1650) or my Blitz (1380) is accurate. I just played (and lost) against a player rated 1360 on Blitz (1650 standard) and he was certainly no fool
Basically I think the blitz ratings are deflated relative the the CC and Standard ratings however I have never been good at blitz so this might skew my perspective a bit.
Blitz chess and Standard chess require different skills; in some ways they are different games. Beign able to bang out plausible moves when your opponent is in time trouble will get you wins in blitz pretty frequently. On the other hand, you can have mad chess skillz, but lack of time management is a kiss of death in blitz.
I'm not surprised that people would have wildly different ratings in the two games. Especially since rating is -only- a measure of success within a pool of players, not an absolute measure of skill.
Finally, by way of anecdote, in the past I've shed about 150 points over two or three weeks when in a slump. When I was on the rebound I played much better than a 1200 was "suppposed" to.
I have noticed that my rating generally seems to improve at longer time controls. I am particularly poor at time controls around the 5|0 mark, however paradoxically I am pretty good at lightning haha.
You have to realize there are two kinds of "low rated" players, the "tough" kind and the "easy" kind. The tough kind know all the basics and positional play etc. They seem very seasoned like they been playing for years and years. The easy kind doesn't know much of positional play. Yet the tough kind is rated low for odd reasons and is down in the dumps with the easy kind in the ratings. This phenomenon has been steadily increasing more and more over the years. Go figure.