Spanish companies are Worth more than US Giants

I used to live in the US. I live in Spain. I moved in 95. When I moved to Spain the US economy dwarfed the Spanish economy. This morning I went into Yahoo Finance and started checking out market caps of US versus Spanish companies. Yes companies from Spain, that country whose President McCain would not talk to. I was shocked. Telefonica is worth twice as much as Comcast, 4 times more than Time Warner, more than Verizon. Telefonica is worth more than all the telecom companies in the US and all the telecom operators except AT&T. And Spanish banks, banks like Santander or BBVA are worth more than all the US banks except Bank of America. Indeed Santander is worth as much as Citigroup. While I know some may believe that Spanish equities are overvalued I just wanted to point out to readers of the Huffington Post that when Spanish companies are worth more than the largest US companies while the US economy is 10 times the size of the Spanish economy you wonder what is really going on here. For starters I think that Americans have stopped believing in themselves.