Judging by this, I’ll stick my neck out and say we’ll reach 1999 prices or lower by November of 2010. Today’s Bloomberg:
“Nov. 20 (Bloomberg) — Stocks declined worldwide and U.S. index futures fell as concern deepened that banks face more writedowns and the global recession will stifle profits. The yen rallied as investors shunned higher-yielding assets.
UBS AG and ING Groep NV dropped more than 6 percent after Citigroup Inc.’s plan to buy troubled investment-fund assets fueled speculation of more bank losses. Copper slumped for a third day and oil slid toward $50 a barrel, sending commodity producers lower. Treasuries rose, pushing two-year note yields to a record low as investors sought the safety of government bonds.
The MSCI World Index lost 1.8 percent to 806.81, the lowest since April 2003, as of 8:05 a.m. in London. More than $31 trillion has been erased from the value of global equities this year as the financial-market turmoil pushes countries from Europe to the U.S. and Japan into recession.”