Friday, May 15, 2009

One Man's folly - The Great Greenspan Depression of the Millennium, the worst financial devastation in the history of the USA

While the stock market is up sharply since early March - drop a stone from the Empire State Building's top floor and it will bounce as well - the economy as well as corporate earnings continue to suffer. This chart provides some perspective as to the magnitude of the current economic decline.

The chart (Courtesy of illustrates how S&P 500 12-month, earnings have declined over 90% over the past 20 months making this by far the largest decline on record (the data goes back to 1936). In fact, real earnings have dropped to a record low and if current estimates hold, Q3 2009 will see the first 12-month period in history during which S&P 500 earnings are negative.

Greenspan has accomplished what no enemy of our country ever did.

Related Articles:
The Great Greenspan Depression of the Millennium

Inside the Meltdown

A massive transfer of wealth from the illiquid unlucky to the liquid lucky is about to happen...

The Decline of a Mighty Power at the hands of a self-serving financial elite

The Greenspan Depression: One Country, Two Worlds.

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