With the U.S. economy circling the drain and a new president preparing to take the oath of office, it's a safe bet that many Americans will be ringing in the New Year with a mixture of worry and hope.

VIDEO: Times Square Rocks In 2009

Here's some of what we'll remember from 2008: Barack Obama's election as the first African-American U.S. president; swimming star Michael Phelps' record-breaking seven gold medals at the Beijing Olympics; and the untimely death of Australian actor Heath Ledger just as shooting wrapped on the soon-to-be blockbuster "Dark Knight," in which he starred. There's more to look back on, in stories and video, in our 2008 year in review special section.

Australians already said hello to 2009 with festivities including a spectacular fireworks display in Sydney harbor. (Watch Video: Sydney Fireworks)

An enormous fireworks display also lit up the Victoria Harbor in Hong Kong. (Watch Video: Hong Kong Celebrates)

And thousands turned out to ring in 2009 in Taiwan. (Watch Video: Taiwan Celebrates)

In Beijing, President Hu Jintao summed up the year's challenges and successes ranging from the devastating Sichuan earthquake -- that left nearly 90,000 people dead or missing -- to the Beijing Olympics, calling 2008 extraordinary and unusual.

In London, revelers welcomed the new year with a backdrop of Big Ben and fireworks. )Watch Video: London Celebrates)

The crew on board the International Space Station wished planet Earth a Happy New Year, sending their greetings from orbit, 220 miles up in the sky .

Up to 1 million revelers shivered through whirling snow and icy wind in Times Square for the chance to usher in 2009. (Watch Video: New York Prepares)

Former President Bill Clinton and Sen. Hillary Clinton helped Mayor Michael Bloomberg lower the famous Waterford crystal ball atop 1 Times Square for the 60 second countdown to midnight.

The wind chill made it feel like 1 degree in the area, but that didn't deter the throngs who were bundled against the cold.

At the stroke of midnight many cheered and swayed to the recording of Frank Sinatra singing "New York, New York."

The first-ever Times Square celebration was held in 1904 to commemorate the official opening of the new headquarters of The New York Times.

While the ball drops in the Big Apple, the folks in Mobile, Ala., are taking a different tack, with what Councilman Fred Richardson calls "a moon pie that's alive."

The 600-pound, $9,000 contraption will be lifted up 200 feet over the water in the town's harbor and lit up at midnight, with the aim of drawing thousands of locals and tourists. (Watch Video: Moon Pie Preparations)