[jwesleyharding]

>I don't think oil is the cause of the market drop: stocks had been overbought for a while (if you look at historic P/E ratios), so it is natural for it to return to normal.

p/e ratios are historically very low relative to interest rates

[AnimalMuppet]

Because interest rates are very low relative to historic values. But they may not stay there; the Fed is starting to raise them. If they continue to do so, you're not left with the abnormally low interest rates, and so all you have is that stocks are high relative to P/E ratios. (I know, if...)