In a mere 12 months, the Dow Jones industrial average plunged 4,488.43 points, or 33.8 percent, its most punishing loss since 1931. Blue chips like Bank of America, Citigroup and Alcoa lost more than 65 percent of their value. The broader Standard & Poor’s 500-stock index sank 39.5 percent, almost exactly matching its decline in 1937.

All told, about $7 trillion of shareholders’ wealth — the gains of the last six years — was wiped out in a year of violent market swings. [Emphasis added.]

If President George W. Bush was allowed to take credit for good economic performance, then I guess its only fair to lay blame for the crash squarely at his feet.

Heckuva job, Georgie! You have less than three weeks to turn this thing around before it officially goes in the history books.

From Bloomberg:

After 28 years of growth, Atlantic City’s gambling proceeds are down for the second time in a row. In the first 11 months of 2008, revenue from casino games fell 6.7 percent to $4.2 billion, regulators reported Dec. 10. Last year’s 5.7 percent decline was the first ever, as the number of visitors slipped to 33.3 million from 34.5 million.

You might think this is no big deal. Most of the people who gamble probably shouldn’t, so if the economy forces them to quit the habit, so much the better. The only problem is that New Jersey and many other states need that gambling revenue, and its loss will add to already difficult budget problems.

Again, from Bloomberg:

The slowdown comes as Governor Jon Corzine has warned that the state faces a revenue shortfall of $1.2 billion for the year ending June 30 and $5 billion in fiscal 2010. Through November, the state collected $338 million in Atlantic City tax revenue, down from $364 million and $384 million, respectively, in the first 11 months of 2007 and 2006. Casino employment fell to 39,137 in November from more than 42,000 as recently as August and a peak of 51,560 in July 1997. James Hughes, dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University, said the casino industry is vital for the economy of southern New Jersey and for the tax revenue it generates.“It’s possible Atlantic City is past its peak,” said Hughes, who predicted the situation may worsen next year. “It could never go back to its past glory. It’s a much tougher game now.”

That’s true everywhere these days, and now it’s hit the blackjack table as well.