"There's too much money and they are paying too high prices and leveraging themselves too much," Rogers said. "There's going to be a gigantic shakeout when that whole mess starts coming apart. This has to end badly."
Indeed, that sounds just like what some astute observers were saying about the housing market a year-and-a-half ago, the stock market in late-1999, and the Asian markets in the summer of 1997, when most people believed otherwise.
I guess we'll have to wait and see.
I am pretty bearish myself right now, but I am not quite sure what to make of this scenario. Hat tip to Barry Ritholtz for finding it. It is being discussed at his site.