June 26, 2008 - GM's stock closed at $11.43 per share, the lowest in 34 years. General Motors’s market capitalization - just $6.47 billion, vs. $162.6 billion for Toyota.
GM's share price: 1970-2008 (source: www.bigcharts.com)
Charlie Wilson, former President of General Motors from 1941-1953 and Secretary of Defense under President Eisenhower from 1953-1957, said during closed hearings of the Senate Armed Services Committee on his confirmation in 1952: "For years I thought that what was good for our country was good for General Motors, and vice versa."
Over the years Wilson's comment has usually been misquoted as "as General Motors goes, so goes the country”. But, if his opinion were the least bit true, then the U.S. is in decline.
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