Subject: Re: indexes down another 1.5-2 percent
The value of US business is down far more than the market has fallen.
...
Sigh; frown; gulp; eye roll; close eyes and dream of something different.

Were you dismissing the notion?
I dunno, seems like a reasonable assumption to me. The average S&P 500 firm is trading at around the same level it was at the start of last year, but the future business environment isn't nearly as good as it was then.
The forward P/E is still 4.5% higher than its ten year average even though that doesn't yet include any outlook downgrades from the last week's developments.

Jim