### Comment:
P/e in an environment of extreme central bank accommodation.  Case 1: october 2018 when the fed became hawkish. equities tanked because of fears of a small rate hike cycle. 
  
 We haven't normalized.  Earnings would collapse without central bank puts.  That is not a healthy free market. 
  
 But yes, bulls will keep making money as long as the put is there. Which is a statement on how far from normal we are.

### REPLY:
True, but normally you’d raise rates to cool off overheated growth and inflation, not to dunk on an economy with extremely slow growth and inflation, which is what the fed was proposing in October.

### END.