Are modern CDs too loud?

Are modern CDs too loud? Are they contributing to listener fatigue? That is the argument currently gaining credence amongst mastering engineers and audiophiles according to Everything Louder than Everything Else.

"You listen to these modern records, they’re atrocious, they have sound all over them. There’s no definition of nothing, no vocal, no nothing, just like — static."

— Bob Dylan in Rolling Stone magazine

It looks like Bob is onto something as more and more audio engineers are arguing that the quest to make CDs even louder in the belief that this will create a hit song is causing listener fatigue as listeners are forced to listen to overly loud CDs bereft of any sort of dynamic range. The arguments weigh on a lot of technical factors but as a music fan you would have to admit that something just doesn’t sound right. Loud does not always equally "better" on a recording. In your living room while your parents are away of course now that is a whole other argument!