John Bogle on CNBC

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John Bogle was on CNBC this morning. Some of his thoughts:

• The private sector is “deeply troubled.”
• Experiencing his 10th bear market, Bogle believes this one is, in a lot of ways, more worrisome than the others.
• Reported earnings on the S&P 500 were $56 after writeoffs giving it a PE of 23. The $56 could easily go down from here.
• The Fed has to think about raising rates and the inflation rate is misleading (it understates the problem).
• It will take a long time to get through the crisis because, in the long run, the economy is more powerful than the government.

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