Shares of General Motors Corp. plunged Wednesday to close below $10 for the first time in more than half a century, on worries about the company’s cash needs and speculation about a possible bankruptcy protection filing down the road.
There is an old adage that goes, “as GM goes, so goes the nation.” The company’s stock is down nearly 90% from its all-time high reached in 2000 to prices it hasn’t seen since 1954. So if the old adage holds true we better be ready for armageddon.
Editorial cartoonists have certainly bought into the idea of a dying Detroit. These selections were published in national newspapers today:
I enjoy these cartoons as much as anyone. The only problem I have with this stuff is, like the magazine cover indicator suggests, by the time it hits the mainstream like this, the theme is probably played out.
And I still can’t seem to embrace the mass negativity that is currently gripping the country.
GM shares fall below $10 for first time since 1954
The Mercury News
July 2, 2008
July 3, 2008