First Half Of 2008 Worst Start For Dow In Nearly Four Decades

The worldwide credit crisis that burst onto investors' radar screens nearly a year ago wiped out some $3.3 trillion in wealth from global stock market wealth in the first half of this year, and optimism for a second-half recovery is fading fast.

Benchmark stock indexes around the world just wrapped up their worst first half in six years or even more. For some, most notably the Dow Jones industrial average, which dropped 14.4 percent in the six months through June 30, it was the poorest start to a year in nearly four decades.

Even the superpowers among stock markets in emerging countries, including China and India, have not escaped the sell-off.

Read the whole story here.

Comments

[MisterCole]

Ha! They wanted 4 more years. I'm willing to bet Bushie doesn't have any immediate plans to make another trip to Wall Street. You wouldn't think he'd get the rock star second coming of Christ treatment they gave him the last time where even that CNN reporter Susan Lisovicz fawned over his appearance and acted like a giddy schoolgirl when she got a response from him. However if you judge by the latest presidential polls it looks like there's a lot of dumb people out there who still haven't gotten the message. I guess they need to suffer some more.

[speakingtruth2power]

Just like with the Iraq war & Katrina,

W will leave the economy for others.

Worst damn President EVER!!!!!!!!!!!

[Rule Of Law]

Oh, sure--the economy is going implode and take us with it. But what about gay marriage, and creationism, bitter working white folks and lapel pins?

[donttasemebro]

The markets are now at about the same levels they were on inauguration day 2001. Thank you, Bu$h, for EIGHT WASTED YEARS!!

[trollsbwild]

It should be remembered how we got here. Three tax cuts for the rich during a time of war, who did not invest in business to provide jobs. The Enron Loophole. Greedy hedge fund managers who attempted to pass off bad mortgages as solid investment choices. Deregulation and a lack of oversight to control white collar crime. Boards of corps who were a buddy system to enable CEO compensation to run rampant.
All legislation enacted by the GOP. Guess what? When the market crashes, they will be the ones along with their ultra rich friends who will be able to live just fine. How will the rest of us manage? Not too well.
When you vote this November, it is perhaps our last chance to bring back true Democracy and a business enterprise system that is not glorified surfdom. The MSM, large corps and the GOP all want no change. Hence, the reason for them propping up McCain and bashing Obama. Be careful who you continue to support.;

[VivaZapata]

just four decades; seems more like seven to me.

[letsgetsmart]

I wonder how many times I have asked you folks if you have sold your stock yet. Isn't it great that the dems fought to prevent private investment accounts? All of you younger folks that said that you felt the old system was to restrictive and you wanted a change to investment accounts didn't see this economy coming huh? How many voted republican in the last decade? Are you going to take care of your older family members or do you even care?Should we care if you get hungry?

[Erdgeist]

Capitalism is a failure--and may well cause another depression like in '29. For those of you who don't know what capitalism actually means, it means using capital to increase one's share of capital. In other words, capitalism doesn't make so much as a toothpick. It just uses money to make more money causing derivative bubbles to grow (500 trillion and counting). Our goods are produced not by capitalism but by the efforts of manufacturing as our food is produced by agriculture, both using labor. Actually we don't need capital producing markets--they create bubbles and bubbles eventually cause depressions. If our little capitalists wish to continue making capital--but at a slower and safer rate--I would suggest restoring the firewalls set in place after the last depression which were recently taken down by the Republicans.

[leduck]

2009 will be a lot worse

[helen]

Agreed. There's at least a couple more years of bloodletting to come... even if there is govt intervention... there's no intervention big enough or sustainable enough to stop the bloodletting...

[JoeBlough]

The bills generated by the Iraq Occupation haven't even come due yet. If McCain occupies Iran, we will be busted.

[darthdarcy]

If these trends continue a complete collapse may be only months away...the banks are way beyond their asset ratios and futures out of control and commodities unstable...

[thegreatgiginthesky]

Ah the wonderful shrub economy.