Given that stock prices on these five monsters have fallen so far, the dividend yields are quite high. In a protracted downturn, investors get paid to wait for the economy to turn around. And if the wait is long, those payments can become quite substantial.

What happens when the economy does indeed turn around? Who do you think will lead the way?

The best of the best will be the corporations that help get us out of this mess. They are the ones most likely to survive and thrive during the next business cycle. Given their past histories, there is no reason to think they will not rise again. And that’s why you want to buy these big businesses that are trading at such low prices.

There is more to it than price, of course, so I included some names that may have a higher stock price, but trade at a valuation that is historically low. Even here, investors can make out like bandits when this economy does turn around.

Next: Sprint Nextel (S)

Giant #1: Sprint Nextel (S)

There was truly no place to hide when the credit crisis turned a relatively normal end to the business cycle into a trip into the abyss. At the eye of the storm were companies that sold products to the consumer sector. Some of these stocks lost 80% of market value or more.

Sprint Nextel Corp. (S) was caught in the tsunami. Its shares fell from the mid-$20 range to the bargain-basement low price of $1.35. At that level, the market was clearly suggesting that S may not survive.

Shares trade for just a fraction of sales and book value, and though the company is expected to lose money in 2009, those losses should not be debilitating. This is one wounded giant, but not one that is likely to fail.

The company did suspend dividend payments to preserve cash in 2008, so investors don’t get paid to wait here. Instead, survival is likely to mean that shares double or triple in value from these prices. That is a rational risk, in my opinion.

Next: General Electric (GE)

Giant #2: General Electric (GE)

I made General Electric (GE) one of my Top 10 Stocks for 2009. The valuation of this long struggling giant was too tempting to pass up. You should give serious consideration to putting this gem in your portfolio.

Shares of GE were trading for a low price before the credit mess unfolded in the fall of 2008. Its exposure to lending gave investors pause and sliced another 50% in value from shares.

I’m smiling just thinking about the lunacy. We’re talking about GE, people. This company is one of the best-run businesses in the world, and you can now buy shares for $14. Are you kidding me?

GE pays a healthy dividend yield of nearly 8% at these levels. Shares trade for just 7 times trailing earnings and 10 times forward earnings. That is a bargain in my book. Granted, GE has stumbled of late, but I would not bet against the company that the great Jack Welch built. Growth will return, and when it does, GE will lead the way higher.

Next: Chevron (CVX)

Giant #3: Chevron (CVX)

Oil companies are making money hand over fist. If you want to own a piece of that cash flow, now is the time to jump on the bandwagon.

Crude prices fell off the cliff, and stocks of oil companies struggled in the downdraft. That is an opportunity to buy a huge company at a low price. One name to consider is Chevron (CVX).

I’m betting that oil prices stabilize and then increase from here. As such, CVX is poised to benefit. At $70 per share or so, CVX trades at a discount to its 52-week high of $105. Shares trade for just 6 times trailing earnings and 11 times forward earnings. The higher forward valuation is due to the drop in oil prices.

If you believe as I do that oil prices will only increase over time, CVX’s earnings will push that valuation lower. Even better, the stock price should rise as a result. While you wait, the company pays a nice dividend of 3.6%.

Next: Citigroup (C)

Giant #4: Citigroup (C)

We all know that the banking system in this country is in deep peril.  The disaster was so complete that a Republican-led administration was forced to jump to the rescue with a massive bailout. Will it be enough? The market is suggesting that more trouble is ahead.

Citigroup (C), for example, is on its ways to retesting the lows on fears of another capital crisis. The huge bank is rushing to liquidate assets, including its brokerage division. Some suggest that selling now is a mistake and only signals that the bank is in huge trouble.

At these low prices, does it matter? I think not. The only real issue is survival, and the government drew the line in the sand last fall with Citigroup being on the list of those that will be protected at any cost.

Bet on survival here with an investment in this huge name at this low price.

Next: YRC Worldwide Inc. (YRCW)

Giant #5: YRC Worldwide Inc. (YRCW)

Transportation companies were in a world of hurt when oil prices were skyrocketing during the first half of 2008. For a period, those higher prices were offset by a booming economy. Unfortunately, though, that economy was already slowing at a time when commodity prices were surging. It was a double whammy for any business that relied on crude for its operations.

Nowhere is that truer than in the case of the trucking business. One of my favorite names in that space is YRC Worldwide Inc. (YRCW). Its shares have fallen from the low $20s to the bankruptcy level of just over $1 per share.

Even though oil prices are now down, the future of YRCW is in doubt due to high levels of debt. More importantly, the economy is now contracting to the point whereby revenues in the future will be substantially lower.

These are short-term issues that I feel can be resolved. The company negotiated wage cuts with its Teamsters union and is doing what it can to stay solvent.

There is no dividend, so the risk is a bit greater than the other stocks mentioned here. That said, I see this company as a survivor when the economy does recover. If so, investors at today’s $4 price could see significant appreciation as a result.