Tales of woe from Wall Street

There is a good piece on the front of the New York Times this morning which in some ways defines what is happening in corporate American during the downturn.

Entitled Slump Humbling Blue-Chip Stocks, Once Dow’s Pride,the article says that

After months of breathtaking declines, this is what Wall Street has come to: Blue-chip companies, once considered safe investments and cornerstones of the economy, are akin to penny stocks.

Just to put the statistics in line,so far this year Wall Street has fallen 25 per cent and this compares to a 33 per cent fall across 2008.

Indeed a humbling experience for the Wall Street suits