Check out the P/E chart used by Hussman and his commentary for an alternative view. The charts look similar except for the most recent information. I don't know which is correct. Maybe they both are. I don't think we have seen the bottom for this bear market (Hussman correct), after that stocks will show a good return (Boston College correct).
Hussman Funds - Weekly Market Comment: Rich Valuations and Poor Market Returns - February 14, 2011
Last week, the S&P 500 Index ascended to a Shiller P/E in excess of 24 (this "cyclically-adjusted P/E" or CAPE represents the ratio of the S&P 500 to 10-year average earnings, adjusted for inflation). Prior to the mid-1990's market bubble, a multiple in excess of 24 for the CAPE was briefly seen only once, between August and early-October 1929. Of course, we observed richer multiples at the heights of the late-1990's bubble, when investors got ahead of themselves in response to the introduction of transformative technologies such as the internet. After a market slide of more than 50%, investors again pushed the Shiller multiple beyond 24 during the housing bubble and cash-out financing free-for-all that ended in the recent mortgage collapse.