strange quoting problems and history expansion

[sbeck]

Configuration Information [Automatically generated, do not change]:
Machine: i586
OS: linux-gnu
Compiler: gcc
Compilation CFLAGS:  -DPROGRAM='bash' -DCONF_HOSTTYPE='i586' 
-DCONF_OSTYPE='linux-gnu' -DCONF_MACHTYPE='i586-pc-linux-gnu' 
-DCONF_VENDOR='pc' -DSHELL -DHAVE_CONFIG_H  -I.  -I. -I./include -I./lib  
-march=i586 -O3 -pipe
uname output: Linux sbeck 2.4.20-gentoo-r2 #2 Fri Mar 28 00:09:45 PST 2003 i686 
AMD Athlon(tm)  AuthenticAMD GNU/Linux
Machine Type: i586-pc-linux-gnu

Bash Version: 2.05b
Patch Level: 0
Release Status: release

Description:
        It seems that if you quote a single quote with double quotes
        then start single quotes again the rest of the single quoted
        structure will do history expansion on a '!' character.

Repeat-By:

        works:
        sbeck@sbeck sbeck $ echo '!bar'
        !bar
        works:
        sbeck@sbeck sbeck $ echo ""'!bar'
        !bar
        doesn't work:
        sbeck@sbeck sbeck $ echo "'"'!bar'
        -bash: !bar: event not found