Set forth below is the text of a comment that I recently posted to the discussion thread for another blog entry at this site:
With all these people lying, are you the only honest person left?
I’d like to take a second stab at this one, coming at it from a different angle, a numbers-based angle.
The P/E10 level in January 2000 was 44, three times the fair-value P/E10 level of 15. That’s $12 trillion worth of dishonesty.