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When ya can buy a share of Citi or GM for less than the cost of accessing your own money in an ATM... then all bets are off.
FYI, I have built a little portfolio of some of the stocks in the news lately... Here is a screenshot of the portfolio as of March 5, 2009. March 5 Portfolio
When you read the spreadsheet, the purchase price is the highest price the stock traded at in the past year. Each stock is a single share.
As the spirit moves, I'll update periodically... though it's hard to believe that it will get much worse.