And that's just it, Patrick is mostly a perma-bear. So trotting out his recommendations when the market is stupid up makes him seem more sagely than I personally think he is.

When I used to participate in his online forum, it seemed to me that his main objective was to eliminate the mortgage interest and property tax deduction immediately so it would trigger an immediate crash in the market and allow anyone with cash on the side to clean up. Whatever floats your boat of course, but that seemed a pretty reckless plan to me. That said, reforming said deductions gradually is probably sensible, just not all at apocalyptically once.