The markets will probably rebound in 2009, but it's not a sure thing, Mr. Molumphy said. An "extended or protracted" economic recession could delay a market recovery until 2010, he said.
The best part about the year ahead will be that it will only last 12 months, Mr. Malkiel said.
Over the next few months, there will be a lot of focus on the ongoing effects of the credit crisis and regulatory reform. "At the same time, we want to continue to focus on the core investor protections issues."
The economy will continue to weaken, but the financial markets will look at the steps taken by the federal government and react in a positive fashion, Mr. Vahanian said.
"It's going to be a tough year for advisers. They will experience real pressure in profitability and in attracting clients, but I think we will see that the strong firms will emerge even stronger, while some of the weaker firms will merge."
The country is about to enter "an era of sustainability" that will affect both the economy and the financial markets.
As the art world's next major round of auctions begins this month, buyers and sellers will encounter a market as depressed as that for stocks and real estate.
First time jobless claims fell by 94,000 for the week ended Dec. 27, the Department of Labor reported today.
The Conference Board Consumer Confidence Index fell to a reading of 38 in December, down from 44.7 in November and matching the record low set in October.
Advisers’ confidence in the economy and the stock market improved for the second consecutive month in December, according to Rydex AdvisorBenchmarking’s Advisor Confidence Index.
Personal spending fell 0.6% in November, as job losses began to mount and the economy continued to slow, according to the Department of Commerce.
Consumer took some heart in December, as lower prices have provided a measure of relief to jittery Americans fretting about continued job losses and decreasing incomes.
Economists are expecting an even steeper drop in gross domestic product numbers for the fourth quarter than final Department of Commerce third-quarter numbers, released today.
Standard and Poor’s Ratings Services today lowered its counterparty credit and financial ratings on Nationwide Financial, the life insurance division of Columbus, Ohio-based Nationwide Mutual Insurance Co., to A+, from AA-.
Tremont Group Holdings, which is owned by OppenheimerFunds Inc., a subsidiary of Massachusetts Mutual, had $3.3 billion invested with Mr. Madoff — more than half of its total $5.8 billion under management.
The wirehouses appear to have escaped major exposure to Bernard Madoff's alleged Ponzi scheme.
Does Mary Schapiro have the right stuff to take on the big firms? Although praise is coming in from many quarters for the nomination of the Finra chief to head up the Securities and Exchange Commission, there may be cause for concern.
Chief executive John Mack sounds the retreat from Morgan Stanley's swashbuckling days after the firm ost $2.34 per share for the quarter ended Nov. 30.
Axa SA of Paris, Massachusetts Mutual Life Insurance Co. of Springfield and Swiss Reinsurance Co., as well as other all-star companies, have also been exposed to Mr. Madoff’s alleged $50 billion Ponzi scheme.
