The Fed, together with the Government and BubbleVision have managed to yet again beat the official record on the PER of the S&P 500. The broad US market is now even more expensive than the highest valuations ever reached during the Tech Bubble in 2000.
The chart shows the official PER quarterly values as computed by Standard's and Poor except for the very last point, because there's no official Q2 2009 value yet.
I have already drawn my conclusions. It's time to draw your own ones.