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NEW YORK – Hundreds of thousands of New York City revelers have celebrated the end of a historic year that saw the election of the first black U.S. president and a catastrophic economic meltdown and have ushered in 2009 from Times Square.

AP – Revelers cheer during the New Year's Eve festivities in Times Square in New York, Wednesday, Dec. 31

Former President Bill Clinton and Sen. Hillary Clinton helped Mayor Michael Bloomberg on Wednesday lower the famous Waterford crystal ball for its 60-second countdown to midnight. A ton of confetti rained down as partygoers hugged and kissed.

The wind chill made it feel like 1 degree in the area. But the weather didn't stop the throngs cloaked in fur hats and sleeping bags from attending.

Some New Year's Eve traditions around the country fell victim to financial hard times, and others that remained felt somewhat subdued.