GM Shares Hit Lowest Since 1938

Shares in troubled automaker General Motors hit their lowest level since the Great Depression Thursday (in a nice twist of irony given all the comparisons being thrown around in the media).

Shares fell 38% hitting $1.70 on fading hopes of a pre-Christmas bailout. That marked the company's lowest share price since June 4, 1938, when they fell to $1.69.

Shares in Ford also took a big hit, falling as low as $1.01, matching a low last set on Aug. 19, 1982.