Sure, if you look from the peak to now, it was a good idea to go with ARM. Here’s a chart from 1963: http://mortgage-x.com/images/graph/fhfb_contract_rate.gif
Those who got ARM in 1963 would be pretty pissed off for not getting a FRM. It didn’t get back to sub 6% until 40 years later. Today, we’re at 50+ years low, do you think it’s as wise to go with ARM as the 1980s, when you were above historical average?