Article Source: msnbc.com
from:msnbc.comThe possible collapse of a key lender is sending panic through the retail industry, threatening to hang up deliveries of back-to-school clothing and other merchandise.
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Just like Bush's decision not to bail out Lehman Bro's, which they later figured out made things much worse, the government's decision not to bail out Citi could be another big mistake. If small business gets hurt by this, in the detail that they are pointing out, you can kiss a lot of jobs goodbye. I don't like government bailing out banks, but since they have already started it, one more is not going to make a difference.
Guess Citi did not donate enough money to the politicians campaign funds.
Goldman posted a $3 billion profit this quarter -- maybe they should extend some of that profit to either CIT or the businesses that need CIT financing.
Maybe Obama/Geithner/Summers should strongarm Goldman into helping CIT like Obama is trying to strongarm Congress and the Senate into passing his healthcare extortion bill.
If Goldman really wants to be a force for good they need to step up to the plate and bail out CIT without asking for any of their money back -- after all, isn't that what we taxpayers did last fall when Paulson said the sky was falling?
Are you really that naive?
The reason CIT is not being bailed out is so that Goldman, BofA, Citigroup, AIG and the other MegaBanks can gain the business of CIT formers customers.
Obama/Geithner/Summers do not "strongarm" big banks, they bow to them. How do you not recognize that yet?
Where exactly is this new law that all who fail should be bailed out? Sure the politically connected have done well. They always do. Wonder how much Baker and Bush made out in the last decade. No more bailouts in this decade please. Insure depoitors to $125k and that's it. The madness must stop.
Bad Analogy, when have you ever seen an octopus interested in finance, and when have you ever come across one with more than eight tentacles anyway. "CIT is like a cancer that has metastasized into so many industries and sub-industries" is a more fitting way of describing it.
Face the truth America, CIT is terminal, past any abilities of chemo or radiation therapy curing it. Often cancer kills the patient because it has "become too big to fail" and is leaching off all the body's vital strength and ability to function.
There is no bailing out this behemoth, it is so insolvent that bailing it out is like bailing the ocean into the ocean to empty it. No amount of TARP's will ever cover this ugly sore and make it go away.
Damn !!!!! And i thought i could STILL get a "Survival" job at Starbucks or Walmart to avoid moving into a "Cardboard" Apartment !!! The "Service" Economy is a goner if CIT Fails!!!!!