GM stock is down 30 percent today — the lowest GM stock price since 1950. Ford dropped by almost a quarter before a slight uptick — lowest since 1983. S&P may downgrade their credit rating (again).

Witness:

Stocks, which had opened higher, dived into the close, with the S&P 500 index ending down 7.6 per cent at 909.92, while the Dow Jones Industrial Average lost 7.3 per cent to 8,579.19, closing below 9,000 for the first time since 2003. The S&P 500 is now down 42 per cent from its all-time high a year ago.

Hold on to your hats.

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