From Crane Collapses to Politics as Unusual: 2008 in Review

Lehman Brothers Files for Bankruptcy, September 15: The economy started to falter well before September, as foreclosures increased and venerable firms like Bear Stearns were being bought out or, in Fannie Mae & Freddie Mac's case, being shored up by the feds. But in mid-September, Lehman Brothers filed for bankruptcy and the woes of the financial industry started to show through. The government threw together a $700 billion bailout plan and the stock market fell on the almost constant panic. Unemployment figures went up as lay-offs continued and concerns about the state's and city's revenue grew with Wall Street's demise. The credit crisis has also put an end to the building boom in NYC. For the year, the Dow closed down 33.8%, which the Wall Street Journal says is "its worst annual performance since 1931, when the Great Depression was in full swing." (Photograph of a worried trader from the AP)