south carolina congressman nick mulvaney from the joint economic committee.eciate your insight as always. let's get right back to our panel. brian kelly, jim iuorio, and jim pethokoukis. you know, brian kelly, it is interesting. some numbers coming out. the last time we were at the 14,000 mark in the fourth quarter of 2007, price-earnings multiple 22 times. 22 times. right now i think a little bit under 14. is that fair? maybe 13.8. i don't know what the exact number is. the average long term is 15 times. now, that tells me the valuations are pretty reasonable based on profits. >> yeah. and that is the bold case for the rest of this market is valuations certainly aren't stretched. i think if you want to be bearish you could probably look inside a lot of these numbers and find something that might not work. you have to assume that forward -- those forward earnings are correct, which if you look at some of maybe the ibm numbers and the vmware, those guys are saying, listen, corporations are starting to slow down in the fourth quarter. so if you start to look at