PE valuation history for major world indexes.

From chart is visible that valuation of major world indices is healthy. Since 2001 is going down meaning that companies profits are growing faster than share prices.
Well, nowadays we are facing subprime lenders issue with significant selling off especially in banking and financial sector. But still share of subprime mortgages is just about 10% of total mortgages amount in US and shouldn't any major impact on the whole economic picture of US respective world economies.