The Fall of Bear Stearns occured just weeks before this point.
Only 8 months before, in October 2007, the market hit its all time peak of 14164.43.
We still have a long ways to go, but we are certainly heading in the right direction if you choose to use the value of companies as a barometer.
Unemployment is still 60% higher then it was in June 2008, so we certainly still have our challenges. It appears companies are learning to do more with less, which unfortunately doesn't help our unemployment levels to stay in line with economic growth. Eventually the growth in production has to bring new jobs to the people of America.
I am not a diehard Obama fan, but June 2008 was just the beginning of the Obama hysteria and the economy hasn't slowed down sense.
I think he can pretty much secure himself a re-election on that stat alone.