Wednesday 31 December 2008

That was a year to remember

Well, the Australian stock market has ceased trading for the year (it closed early today so everyone can get a good vantage point for tonight's fireworks and/or partying). The All Ordinaries index had its worst calendar year on record, plummeting 43%, compared to the 32% slump during the oil shock of 1974 and the 34% fall in 1930, during the Great Depression. The drop in 1987 calendar year doesn't even rate a mention.

Hopefully I'll still be around in twenty or thirty years to be telling my grand kids "I remember the Great Stock Market Meltdown of '08"...

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