[quote]Do you think that if the central banks and governments around the world (indluding China) were to have allowed everything to fall to wherever it was going to go, without any intervention, that those single-digit P/Es (and prices of assets, in general) were out of line?[/quote]

Things could have fallen deeper than they were. TEMPORARILY. But there was still real demand for AA aluminum, for CAT heavy machinery, and for TXN chips in the world, and it didn’t evaporate as a result of a phase in a business cycle.