Grandma Goldie has some new knitting

Government Sachs is calling for 2009 S&P earnings to be $65.

Overlaying this earnings forecast with previous bear market bottoms results in:

1974 low of 7.9 P/E returns (2008/2009)+ S&P low of 514.
1982 low of 6.6 P/E returns (2008/2009)+ S&P low of 429.
1932 low of 5.6 P/E returns (2008/2009)+ S&P low of 364.