With all due respect, you have to look at this, not as a mania of speculative fever, but as a panic in government with a collapse in confidence. That is when money just seeks safety; not profit. A mania is a speculative boom where profit is the motive. What we face is the opposite. When capital is just trying to break even, the P/E Ratio rises to historical highs. Above is the P/E Ratio on the S&P 500 since the 2007 high. It rose to over 120 during the crash. This is why we warned that the market would make new highs and while Barrons reported that forecast, they were probably doing so tongue-in-cheek.