I just accepted the 32 number from the chart at post #2.
When I checked, the current PE for the S&P 500 is more like 24, based on trailing earnings (50% over average price, rather than 100%).
The bottom line is that it is that earnings could catch up to prices in a year or two (assuming we already have one in the bank, because it was based on trailing earnings), in a booming economy. It also means that the potential losses in a correction or bear market are a lot less, than if it was 32.