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So the cost of tightening too late doesn't look very high.
But if you use conventional ideas about valuation, today's stock prices look very high.
So valuations that look very high by historical standards might represent not the rise of irrational exuberance but the decline of irrational pessimism.
"Claims now look very high, but when they are adjusted for population growth they remain far below the peaks seen in the deep recessions of the '70s and '80s".
At first glance, these numbers look very high.
Walter: All money managers today are very bullish, but why should stock prices be above a P/E of about 15? STEVE_FORBES: After a recession P/Es often look very high because profits have been clobbered.
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"They look very high-tech and precise and accurate," said Stefan Sielaff, Audi's head of design.
"They wanted it to look very high-tech, and for the music to be played from three keyboards.
With a little research and some smart shopping, you can find affordable appliances that look very high-end – and when they all match, you get a designer look for much less.
Its $2 billion rescue of Countrywide Financial in August was hailed as a bold move at the time, but the price it paid looks very high now.
"If they're [residents] looking at the unit costs for a particular service and they think, 'Well that looks very high,' and they know of another organisation which could provide a service at a lower cost, then they can come back to the council and say, 'Look, why aren't you doing it that way?' We can make savings like that," said Reed.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com