Karevoll has his critics. Charlie Ryan, an airline pilot then living in Ventura, took issue in May 2005 with the analyst's assertion that "indicators of market distress are still largely absent." Ryan argued in an e-mail to Karevoll that the prevalence of interest-only loans was in itself an indication of distress because it meant people couldn't afford more-conservative mortgages.
"Statements like this will come back to discredit you in the coming years," Ryan wrote.
Two years later, the downturn well underway, Ryan sent the whole exchange back to Karevoll, adding, "Thankfully, I sold as your firm was recklessly cheerleading." Ryan now lives in Maryland.
"The drumbeats of doom are relentless," Karevoll acknowledges. Some of the names he's called on the Internet can't be quoted in a newspaper.
Karevoll tries to ignore the blogosphere, saying, "Good questions get raised there, but I don't think they get answered." In any case, he adds, "predictions of imminent doom started in 2001. If you listened then, you were out a bucket of money."