You're right on the money there, MBS. Permabear James Grant, e.g., blew away his Street cred long ago for that very reason. But as stopped clocks go, JG seems to be keeping the correct time right now. Would suggest that you read his "The Coming Bust" in the WS Journal today. JG hedges his forecast but certainly underscores the right systemic weaknesses -- weaknesses that the "Blue Chip" consensus has (hitherto) ignored.
Carl Remick