Wednesday, September 17, 2008
It's been ugly this year, but this chart puts it into a long-term perspective (last data point as of today's close). We've seen a lot worse. And, barring a global catastrophe, stocks are likely to resume their uptrend before too long. The real ugly time to own stocks was in the 1970s. Those were the days of Nixon's dollar devaluation, double-digit inflation, and soaring interest rates. This banking crisis may be unique and painful, but the U.S. and world economies are in better shape today than they were then.
Posted by Scott Grannis at 5:12 PM