The article demonstrates that technical insolvency and bankruptcy risks exerts influence on stock market returns in the September 19, 2008- March 9, 2009 market crash as compared to the October 9, 2007-September 19, 2008 bear market. According to report, the October 9, 2007-March 9, 2009 bear market was the worst in the history of the U.S. since the Great Depression.