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This historical Schiller PE Ratio mean is 16.8.  That means S&P 500 price is 16.8 times the average ten years worth of earnings.  So, if the Schiller PE Ratio has averaged around 16.8 in its history, what is the ratio today?
According to Gurufocus.com, the present Schiller PE Ratio is 30.2, or nearly 80% higher than the mean.  Not only is the current Schiller PE Ratio in bubble territory, it is even higher than the 27.4 ratio the last time it peaked in 2007.  Well, we all know what happened in 2008 and 2009.  During the first quarter of 2009, the Schiller PE Ratio fell to a low of 13.1.
Furthermore, before the stock market crash of 1929 and the ensuing Great Depression, the Schiller PE Ratio reached a high of 32.4 in September 1929….. only a few points higher than it is today.

SR SROCCO.