The big Wall Street story of the day is General Motors. Their stock is taking a beating, dropping to their lowest price since 1950. It closed under $5 yesterday.

The executive staff are trying to calm investors by saying they will recover, even releasing a video called The Case for GM.

General Motors Stock Tanking – Video

GM is not the only one feeling the pain. They are in good company on the S&P “Credit Watch” list, along with Ford, who closed just above $2 yesterday. It is unclear whether the S&P downgrading caused the stock decline, or vice versa.

Watch for plant closures, and with them screaming union workers who will – like parasites – syphon off the remaining cash from the struggling companies, possibly causing their ultimate demise. Alternatively, watch for mergers.

The Chinese say “May you live in interesting times.” I, for one, am interested.