Actually, it is probably NOT one of the blades folding up, at least on the newer Squealers.
You can prove this by letting the tractor/mower keep running in a high vibe condition, then gently throttle down, and then shutting off the tractor. If your mower is high enough off the ground, perhaps a foot or so, you can look under the mower and see that the blades don't fold up. (Obviously, the tractor and mower is completely stopped when you peer underneath and put a concrete block under it or use a mirror).
However, if you mark the PTO / slip clutch as I described in an earlier post, you can verify that the high vibes will typically occur when the slip clutch is in a certain "number to dot" orientation.
You folks that say "...the blade is folded up", do you have a shear pin or a slip clutch drive on your mowers?
I had a shear pin mower once and I never got an intermittant vibration, like I do with my a slip clutch mower....
dwight