Historical S&P PE Ratio from 1880 to today

I meant the decade of the 2000's. Unfortunately the graph doesn't provide enough detail to confirm whether that bottom was in 2002 or 2009. In either case, I find it hard to believe that the 10 year average PE was 15 at the bottom. 7-10 sounds more reasonable. In 2009, when we hit the bottom, SPX earnings were like 70 dollars/share and that was the recessionary earnings. The 10 year average would have been higher than that.

 

under 10:
http://bespokeinvest.typepad.com/bespoke/2009/08/sp-500-pe-ratio-nearly-doubles.html

 

Exactly, interest rates play a big role. When was the last period rates were at or near zero?