Facts
S&P 500 (according to Bloomberg Sept 2009) = PE of 20.2 times
Dow 30 dividend yield = 2.94% lowest since 1929
Stocks are overvalued relative last 80 years
Myths
Dollar will collapse = due to stimulus & money printing (on contrary, debt implosion or deleveraging is quicker than the printer
Fed can solve the problem = never in history, only prolong or worsen
Gold is undervalued = relative against US currency, who depreciate 96% (25 times) while gold appreciate from USD20 to USD1000 per oz (50 times) since 1971, hence it is relative
Crude oil will reach USD100 per barrel = another myth on peak oil = collapse in consumption will keep it down
Earnings will drive the market = myth
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