LG,
According to S&P on its website, based on "as reported earnings," the current PE for the S&P 500 is 37, not 15 as Luskin asserts. Even if you take the wildest projections for increased earnings, there is no way the PE is 15. And given the insistence of S&P that earnings are going to be more strictly monitored, the likelihood of the S&P PE ratio's getting to 15 any time soon is pretty slim.
oeo2oo