General Motors is falling to its lowest close in 58 years...

[ScreamingMeemie]

http://www.bloomberg.com/apps/news?pid=20601087&sid=adVX9MIcuzoY&refer=home

snip-
Oct. 9 (Bloomberg) -- General Motors Corp. headed toward its lowest close in New York trading in 58 years and Ford Motor Co. fell for the seventh straight day as the outlook for U.S. auto sales worsened and a ban on short selling ended.

snip-

Detroit-based GM fell $1.17, or 17 percent, to $5.74 at 2:36 p.m. in New York Stock Exchange composite trading. Earlier, the shares slid to $5.41, which as a close would be the lowest since Aug. 2, 1950, according to Global Financial Data in Los Angeles. Ford declined 25 cents, or 9.4 percent, to $2.41.

Short-Sale Ban

Shares of GM and Ford, the largest U.S. automakers, were on the list for the U.S. Securities and Exchange Commission's three- week ban on short selling, which ended last night. In a short sale, traders borrow shares, sell them and hope to make a profit by buying back the stock at a lower price and returning it.

[ogneopasno]

1. Very sad.

nt

[ScreamingMeemie]

2. My father works for AAM (used to be a part of GM now their major axle supplier)

He retires in exactly 30 days with pretty much a bunch of worthless stock and a small pension from Stroh's. We saw this coming and no one did anything.

[ogneopasno]

3. I'm so sorry.

nt

[ScreamingMeemie]

4. We kind of knew it was going to happen... 10 years ago

it was already happening but people were so busy making hay while the sun shone, buying houses to big for their incomes on crazy credit offers...etc.

I invite anyone who thinks this can be fixed to come for a visit. To come on an appraisal of yet another forclosed home with me.

Luckily my father lives simply, and I have a home and can help him out if need be.