[PRE]

Well, most knowledgable analysts/PMs feel this way and knew this stuff (epsecially inflated margins) over the past year. The reason you don't hear them say it publically through a major source (WSJ, CNBC, etc.), though, is because they don't want their comments serving as a catalyst to a market dropoff.

And anyone saying the mortgage mess isn't too big of a problem on a historical basis should probably just stick their money in index funds and leave it there.