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Zombie Stock #8: Ford (F)

Despite its recent successes at negotiating new contracts and its refusal, so far, to accept government funds, when GM goes into Chapter 11, Ford will have to do the same to remain competitive.

Given the ferocity of this downturn, if it didn't accept government handouts, it would probably end up in some form of forced re-organization anyway.

Real shareholder value: zero

Add privately held Chrysler, which has the same problems as GM, but is much smaller and has less staying power, and several large auto parts makers, one of which, Delphi Corp., is already in bankruptcy, and you have a zombie auto industry.

Given the quality of American industrial workers – the most productive in the world – and the home field advantage, it is beyond belief how these once-living organisms died and now walk around, scaring politicians, with hands out looking for more of our flesh – excuse me, tax dollars.

I could also write about a whole cadre of regional and small banks, but the most dangerous ones are the big banks that people are tempted to buy.

Stay away. And if you want to see some zombie movies, join Netflix (NFLX) – a real company with a real future (hint, hint).