A year ago, when very few people were aware of what subprime meant or what it meant for the health of financial markets, Doug Kass and negative commentators like yours truly were sending out the warning message. Of course, the usual response back then was that we were just permabears looking for a reason to overemphasize a problem. We’ve come a long way in a year and at every point along the way bullish investors, commentators and journalists have tried to minimize this issue, say it was contained or claim the worst is behind us. To be honest, despite the facts, the happy people have won. Investors seem to believe all the lies and exaggerations and even if they fear subprime, I get the sense that they feel it will be healed by the never-ending supply of government intervention. Just look at CFC on Friday for a proxy of the message of ignorant optimism. Nevermind that if investors had listened in October or November….or April or May or June about the risks of subprime and actually sold, they’d be in much better shape with the relevant stocks. So, now, if investors feel good about listening to the people who told them not to worry about subprime all the while things crumbled, if they really feel like these same morons are now telling them subprime is in the past… I wish them luck of the subprime quality.