Evil can only exist when the righteous people look the other way. When the longs were enjoying the ride up at 18-some p/e in April, the shorts did not look the other way and they acted, and kept it up even after the earnings blowout brought p/e to reasonable levels.
But then they continued their assault because they knew the coast is clear and no one will stand in their way when there are no catalysts and Europe contagion is imminent.
Now, with ttm p/e under 13, do you think the shorts will cover? No, they will ride it to the bitter end, because human nature knows no moderation. They will continue until the brave knight will walk in and say buy! And she will squeeze them out of all the nooks and crannies, and that's the way it goes...
So be it