2008 Could End Up Being Worst Year Ever For Wall Street

Reuters:

As the stock market heads into the last week of the year, what was inconceivable just 12 months ago is now a stark possibility: 2008 could be the worst year ever for Wall Street.

The market's most tracked benchmark, the S&P 500, is down 40.6 percent since last year's close with only three trading days left in 2008. Given the market's hair-trigger volatility this year, that's just one bad day away from surpassing 1931's 47.1 percent drop, the biggest yearly decline ever.

Read the whole story: Reuters

Comments

[scully09]

Doesn't everyone know that Bush and his cronies man-made this crisis? All the money that they asked for will be turned into Euro-Dollars and one world bank. America is not really broke. This is all a fake crisis. Even the great depression was fake. But this man made depression has a more sinster reason behind it starting with Ronald Reagan and following behind is Daddy Bush and now Junior. If little makes it to the Senate, then it will compile. They sit around all day thinking how thwy are going to control all of us and the world. Think about it??? How could we go broke in a matter of, say eight years???

[stargazer13]

so I can post here but not on lead story of front page bah hum bug

[larry278]

Chill it. You get posted on blogs which aren't used regardless of how lame your comment is. To git your comment posted under a popular blog, you need to be origional, witty & interesting. That is the reason we don't get posted. Shop HP before trying to get HP to use your comment(s). If the blog is dull, comment. Your comment will be used if there aren't many other comments on a blog.
Bob Hum Bugg

[stargazer13]

I don,t know 700 oops I mean 820 billion bucks

I my self would would call that a win fall year if I were wall street

[LeeCalif]

2008 will be the worst year ever for Wall Street and America (don't forget her !! BTW )

Until 2009.

2009 will be the worst year ever for Wall Street and America (don't forget her. BTW )

Until 2010.

2010 will be the worst year ever for Wall Street and America.

Until 2011.

2011 will be the worst year ever for Wall Street and America.

Until 2012.

20012 will be ...... ...

[KCFreedom]

But there will still be bonus payouts to all the Wall. St. execs.

[cayuse]

The market lost 7.1 Trillion and Bush, Bernanke and Polson have thrown 8.5 Trillion into it for a profit of 1.4 Trillion for someone. 1.4 Trillion * 40 or 80 leverage, means 80 Trillion in Profit

Reminds me of the 1929 run on the banks. Rockefeller, JP Morgon, Mellon and Carnegie still were the riches while the masses left with no shirts

[GerryS]

no way, paulson has $350b of our money to roll into 2009. at least there will be some more bonus money for next year. 2010 is questionab­le--------­----

[radicalready]

First of all good, I hope that they all suffer immensely.

Secondly, I hope next year is worse for them, because I hope Americans get the courage to stand up to these thieves and banish them. Eliminate Wall Street. Let's start a new with a system that doesn't allow these people to get away with their thievery and punish the poor man who may steal a pound of baloney at Walmart to feed his family.

Laisez faire capitalism v. socialism. The choice is easy; we have been shown that the capitialists cannot be trusted.

[PhilipTaylor]

"As long as there is Greed, history tells us, there should be Fear to Balance it out. Its when that Balance gets tipped in one direction someone pays the price,"

from CNN Special, SCAM OF THE CENTURY - Madoff

Our entire Economy has been hit by Wall Street BANKSTERS' and HEDGE FUNDS' GREED and to restore the Balance FEAR must be restored. US Criminal Justice must be allocated at least a few $Billion to PROSECUTING the crimes to put GREED and Law Breaking under Control!

[curiousasheck]

This is no surprise. Wasn't this number 1 on the Neocon's agenda? To reverse the shift of the distribution of wealth in this country from rich to poor, which had been the trend since the Great Depression, back to poor-to-rich, like it was during the good old days of the robber-baron era?

[Phil Waste]

Welcome to the world of unreality. Welcome to the world engineered by the NeoCons to reestablish America’s dominance of the world economy. Oh, you don’t believe it?

President Bush is an absolute genius, smarter than all the rest of us combined. Just look at the facts.

First through manipulation of the markets he has destroyed the income of all oil producing countries. If you think we are in trouble just check out Saudi Arabia, Dubai, Kuwait, Russia, Venezuela, and all other oil producers who have not only lost their incomes but are quickly losing their investments in other countries.

Europe has been beaten to its knees along with China and Japan.

You are witnessing the coup de grâce by the Bush Administration of the world’s economy and the total destruction of our competitors in the world market place. This is why years from now President Bush feels history will be favorable to him and maybe look on him as a hero.

Now, I know what you thinking, how could he do this to us Americans? Well, I’ll bet you a dollar to a donut that all his buddies have hidden away most of their fortunes and will come back richer and more powerful than ever.

Great conspiracy theory, huh? What if it were true? Could it be?

OH! MY GOD!

[SportCarrera]

You want to talk conspiracy? How about JP Morgan's CEO Jamie Dimon and his lust for Wamu's west coast banking network? In Jamie Dimon's four year quest for WaMu?

1. JP Morgan's Stephen Rotella went to WaMu four years ago.
2. Jamie Dimon was close with Secretary of Treasury Paulson.
3. JPM ended up buying WaMu for a song, DAYS BEFORE THE BAILOUT!

Hello????

[craneman]

Wall Street is filled with nothing but crooks

[loki]

I dont understand this. When wall street has a great year, we , the little people lose. When Wall street has a bad year, we do as well. When do we get a good year?

[Montanagramma]

It does seem true that when Wall Street has a good day, the average people are going to feel more pain.
Not being an investor in the stock market, I tried to watch CNBC and figure this whole thing out. The thing that really makes me disgusted is that when the massive layoffs are announced, the stock goes up. I realize that less employees means more profit for the investors, but the signal I see is more unemployed average people, and more poverty. Profits for the investors, poverty for the general population. So, it seems that if the stock rises based on layoffs, we are all going to see that depression, if we don't already.

[mrcontinental]

Who cares. The Dow will hit 5000 before this mess is over. The days of money for nothing are long gone and the ultimate ponzi scheme is about to be exposed for what it is.

[Social Construct]

.... and this isn't defined as a depression because ....?

[rich misty]

There is no statistical defination of what a depression is, so Bushies and their followers will always deny there is a depression­...

Until Obama is in office

[radicalready]

...because in post-civilization america we can define things however we wish, there are not boundaries or guidelines, whatever makes you money is a go. This is a despicable nation of followers and greedy sloths.

[rkimball]

let the brokers starve next year. maybe that will stop some of the greed, fraud & corruption.