The Housing Chronicles Blog: Good riddance to 2008!

Thursday, January 1, 2009

Good riddance to 2008!

Was 2008 the worst year for most people under age 70? A story at Bloomberg ponders the question:

This wasn’t just a bad year for the economy. By some measures, it was the worst year any American under age 70 has ever seen.

The loss of jobs in the U.S. may be the biggest since the end of World War II. This year’s declines in stock and home prices haven’t been exceeded since the Great Depression. The slump in holiday spending may set a record; foreclosures already have. Credit markets seized, halting the longest expansion in consumer purchases.

Europe and Japan also sank as U.S. demand faltered, marking the first simultaneous recessions since the Second World War ended. High-flying emerging economies, such as China and India, weren’t immune, signaling the world economy is just as interconnected in bad times as in good...

Click here for full story.

1 comment:

Credit Crunch Investor said...

Well, I had a lousy 2008, but that was nothing to do with the markets. In fact, my portfolio generated something like a 12% positive return - I've just posted my annual review on my blog.