peak earning

The PE ration looks very reasonable on S&P 500 but the problem is that the earning is probably at or close to peak. Given the fact that PPI is much higher than CPI, profit margins are getting squeezed. Federal Reserve is being cornered as well. High inflation and slow growth will be here to stay. Government's stimulus and bailouts around world are near end because of voters anger. I expect the market to go down around 7%.