[rb22982]

The S&P is trading at 19.04x 2007 earnings ($67.90 EPS GAAP @ 1293.37).

[David]

"The S&P is trading at 19.04x 2007 earnings ($67.90 EPS GAAP @ 1293.37)."

Look, you are welcome to believe whatever you like. Best of luck.

The represented financial statement earnings are not real-they are fake. And if you take a pencil and adjust them to GAAP, they mostly disappear. There is a reason the SEC has adopted rules that effectively preclude investors from sueing accountants over this kind of problem.