Here is an interesting quote from Jeremy Grantham in Barron's."So although the fair value of the S&P today may be about 1025, typically bubbles overcorrect by quite a bit, possibly by 20%. That is very discouraging."Clearly the interview was done a few days after the worst carnage of the week. A 20% 'overcorrection' works out to SPX 825. The low on Friday was 839.The dilemma faced by market participants right here is the battle between reason and fear.Colgate (CL) will still sell plenty of toothpaste, Proctor & Gamble (PG) will still sell plenty of detergent, most of the companies that service where you work will continue to do so, most people will keep their cellphones, you will have a bank account somewhere and so on. And you know this.Also on the side of reason, there ...