My thought is that the market has a long ways to fall. Many company’s earnings will fall during the current recession.

One prediction I have is that GM stock is worth negative dollars. It is a health care/pension fund with a capital intensive manufacturing business attached. I think I read an estimate is that GM will lose something like 20 – 30 billion dollars over the next 12 months. It makes sense since few people will be buying high profit margin large vehicles (read low mpg).