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Stocks ended the year down more than 38 percent, the worst year since 1931. In fact, there have been a lot of comparisons between now and the early 1930’s.
But if you take a cold hard look at history you can’t help but notice that after a record drop in 1931 -- the S&P 500 fell another 15.2% in 1932.
Is this 1932 all over again?
Probably not, according to Joe Terranova.
On CNBC's Fast Money Final Call he explained that the big difference between then and now is the Fed. Ben Bernake is a student of the Great Depression and fully recognizes all the missteps. “I think the Fed gets it, and they willl fight (depression) at all costs.”
Instead Terranova expects the market to behave more like it did in the late ‘80’s – in other words he's looking for a U-shaped recovery. That is, a rapid ascent once stocks have found a bottom.
Let's hope he's right.
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Trader disclosure: On Dec. 31st, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Macke Owns (SDS), (MCD), (WMT), (MSFT), (TM); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Tatro Owns (JPM); Quint Tatro Is The Principal Of Tatro Capital; Tatro Capital Owns (TBT), (DXO), (APOL); Tatro Capital Is Short (AAPL), (GOOG), (MCD), (XOM); Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO; Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV); Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Virtus Investment Partners Owns More Than 1% Of (ABD), (ARE), (BIG), (OFC), (DLR), (EXR), (IGE), (MAC), (DBC), (DBV), (SKT), (UA), (CLB) : Virtus Investment Partners Owns More Than 1% Of Seagate Tax Refund Rights
CNBC.com with wires
Data is a real-time snapshot *Data is delayed at least 15 minutes