Commercial lending giant CIT files bankruptcy

Commercial lending giant CIT files bankruptcy

www.msnbc.msn.com
(visit the link for the full news article)

This is disastrous. Not only the fact that Congress made the decision to give them 2.3 BILLION last year that will never be repaid...



But, small business is severely hurt as well.



Think that the big banks are going to lend to small businesses?? Think again.

This is terrible.

www.msnbc.msn.com
(visit the link for the full news article)

I just want to make it clear, it is cit bank NOT citi bank.

That mistake has been freaking people out.

This is not good, either.

If you don't watch out you may get confused. I found myself with a on my face, thinking it was Citi Bank as well, haha. Nonetheless, any large bank that received government bailout going under is terrible, just more losses from the Treasury that will never be paid back (not like they would have been in the first place).

I don't retract my initial reaction, though. More bad news from the financial sector.

NEXUS

www.abovetopsecret.com...

Already being discussed there and hasn't dropped off the front page yet that I have seen. Might jump over there and join in the discussion instead.

Probably the worse part of this is not the fact that we won't be paid back for the bailout but that small business around the country will definitely suffer. This is horrible news for the economy for that reason alone.

Just think of all the businesses who depend on them to provide credit for purchases necessary for the operation of their businesses. Not too many businesses operate on a cash basis these days. The suppliers as well. The big banks will never fill this gap as is evidenced by the credit retraction we've seen this year. They will just refuse and many, many businesses will go out of business because of this. More unemployment. This truly is horrible news.

That's strange. It's not on my front page anywhere. I really did do a search, the search function here stinks.

reply to post by Iamonlyhuman

---

Yes, I didn't even delve into the effects of small businesses with my reply. It's a chain reaction of economic destruction, how can the sheeple keep following the MSM's "sunshine puking optimism", as my friend would put it, when this kind of news is the norm for our large banks?

More unemployment, more foreclosures in both commercial and home real estate, more toxic assets, more destroyed credit...it's a downward spiral with no end except the complete and utter failure of the capitalist system. It's gonna be a bumpy ride.

NEXUS

ATS allows a thread on the same topic to be posted in the Breaking News forum and the Conspiracy Theory forums.

Scooby Doo...

well it my be rippling over to regular banks i was in line at walmart getting groceries when the csm started going from line to line telling people that all bank credit and debit cards were not working because of something happening at all banks. i went right to my bank in same walmart store emptied my account thru atm and bank clerk said how did i do that i said i just put my card in and money came out. he came right around from behind counter and disabled the atm. so maybe this is effecting economy already.

You emptied your account. You a big player or what?
What sort of daily limit do you have on your ATM card withdrawals?

Existing thread here:
www.abovetopsecret.com...

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