December 31, 2008 Leave a comment
London’s leading stocks endured their worst annual falls in at least 24 years, while in Europe and Asia, some markets ended the year by notching up their worst performances since records began.
The FTSE 100 lost 30.9 per cent in 2008, finishing the year at 4,434.17. This was the blue-chip index’s worst annual fall since it was created in 1984 and substantially more than its previous biggest yearly loss of 24.5 per cent in 2002. The FTSE All Share index fell 32.8 per cent over the year, its worst annual fall since losing 55.3 per cent in 1974.
In the rest of Europe, Germany’s Xetra Dax fell 40.3 per cent, its worst annual performance in its 20-year history and the CAC 40 in Paris was down 42.1 per cent. FTSE Eurofirst 300 suffered an annual decline of 44.7 per cent, its worst year since the index was constituted in 1986.
The Nikkei 225 index in Tokyo ended the year on Tuesday by recording a 42.1 per cent fall, well above its last biggest annual loss of 38.7 per cent in 1990, while Korea’s Kospi index ended the year with a loss of 40.7 per cent.
In New York, the S&P 500 has already fallen 41 per cent this year, marking its worst run since a drop of 47.1 per cent in 1931 during the Great Depression.
All hail Gordon, I say.
13) Gordon Brown: March 2007
We will not return to the old boom and bust
14) Gordon Brown: December 2006
Boom and bust is a term that applied to the Conservative years and two of the worst recessions in history
15) Gordon Brown: March 2006
I have said before: no return to boom and bust.
16) Gordon Brown: March 2001
We will not return to boom and bust.
17) Gordon Brown: November 2000
Our approach is to reject the old vicious circle of the ’80s–rising debt, higher long-term interest rates, higher debt repayment costs, lower growth, higher unemployment, then enforced cuts in public spending. That was the old boom and bust.
18) Gordon Brown: March 2000
Britain does not want a return to boom and bust.
19) Gordon Brown: November 1999
Indeed, Britain was set to repeat the old, familiar cycle of boom and bust. Since then, we have created and rigorously adhered to a new framework of modern economic management
20) Gordon Brown: November 1998
Britain was set to repeat the boom-bust cycle that led to 15 per cent. interest rates for one whole year in the early 1990s.
21) Gordon Brown: June 1998
rigorous financial discipline that, together with monetary stability, ends once and for all the boom and bust that for 30 years has undermined stability
22) Gordon Brown: May 1998
The Government have put in place policies to deliver that objective and are determined to avoid a return to boom and bust.
23) Gordon Brown: April 1998
We will not return to the stop-go, boom-bust years which we saw under the Conservatives.
24) Gordon Brown: November 1997
I am satisfied that the new monetary policy arrangements will deliver long-term price stability, and prevent a return to the cycle of boom and bust.
25) Gordon Brown: July 1997
Today, the Bank of England has agreed with me that, if we are to prevent the cycle of boom and bust, inflationary pressures in the economy, which the previous Government negligently failed to tackle, must be brought under control
Meanwhile, via iterative bloggisms:
It is true that we had ten years of record growth when I was prime minister. I have, unfortunately, come to the conclusion that it was luck.
– Tony Blair (Cunto di Tutti Cunti), in a lecture to Yale University
Gives me that warm feeling inside…. feels like…. boiling piss.