Today the New York Stock Exchange closed at 6594. On October 9, 2007 the NYSE closed at an all-time high of 14164. Since then, it has lost 7570--more than half! Today, Citibank--once a financial giant, now a bloated corpse--sold for less than a dollar. General Motors sells for $1.86, and its auditors are publicly questioning that company's viability as a going concern. Citadel Communications, the radio giant that owns ABC radio, is selling for a penny--yes, that's right, a penny!
And Mr. Obama still thinks that "recovery" will occur in 2010? Maybe the reason that Mr. Obama is spending money like there is no tomorrow is that there really won't be a tomorrow--certainly not for some of America's once great companies.
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