SPX book value has dropped to �$3.46 check it out at http://biz.yahoo.com/p/s/spw.html. That is a drop of $4.62 from the previous listed book value of $1.16.
You and you irrelevent discussion of book value. If you are so sure SPx is doomed, short the stock big time. Put your money where your mouth is. Just be sure to cover your position before the stock reaches $90.
Are you high or do you have ties to Blystone?