The following data comes from this source.  It shows annual earnings per share for the S&P 500 in March 2012 constant dollars from 1881 thru 3Q 2011.    You can puruse the charts below and ponder recent market behavior (which is literally "off the charts" in historical perspective).  I'll only comment ...

During the depth of the great recession in 2009 S&P 500 Annual Earnings were still positive... $13.27 (in March 2012 constant $).... i.e. still profitable in the composite.  In fact, over the entire course of S&P 500 earnings from 1881 thru the present, annual EPS has never been negative in the composite (adjusted for ...