http://www.bloomberg.com/apps/news?pid=20601087&sid=a3.t_GrxbL2U
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Nov. 1 (Bloomberg) -- CIT Group Inc., a 101-year-old commercial lender, filed for bankruptcy to cut $10 billion in debt after the credit crunch dried up its funding and a U.S. bailout and debt exchange offer failed.
CIT listed $71 billion in assets and $64.9 billion in debt in a Chapter 11 filing in U.S. Bankruptcy Court in Manhattan. The U.S. Treasury Department said the government probably won’t recover much, if any, of the $2.3 billion in taxpayer money that went to CIT.<
And people think the economy is getting better?
I think this gives reason to believe that its not...
So we, our kids, their kids, and their kids kids are going to be on the hook for the 2.3 Billion dollars that won't be paid back......this is just ONE reason I've been against the bailouts from the beginning, now we are seeing who can't make it through this recession, and yes we are still deep into a world wide recession, and there is no real end in sight.
As much hope as we get when the dow goes up 10,000 points in one day but its just a small blip on the radar,and then its gone...maybe we'll see it again, maybe we won't but what we will be seeing more of, I'm afraid is groups that will end up going bankrupt because they can't keep their business afloat after the bailout money dries up.
So not only could a company/business close, but we are still on the hook for the bailout money that they were given!
Great......................
Not
And what makes it worse is we have a president that think spending more will get us out of the recession, i got news for him, its no different than personal debt, its bad...and the more he spends us into debt (and he's done a grand job of it) the worse off this country will be.
this is as much Bush's fault as well the bailouts start under him, and I'm not happy for it either.
Mooch
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Comments: 8
In hind site and as Ron Paul told us. It would have been better to tell the banks they could go bankrupt if they could not manage their money any better than they did.
The banking debt right now is up to 1.5 QUADdrillion. That's three more zeros than a Trillion. $1,500,000,000,000,000. Not pocket change.
My congress 'people' have stood behind Obama and Bush in the bailouts, but I wonder how they feel now, or if they would even admit feeling that it was wrong now that we are seeing what it didn't do.
Next to fail the housing bailouts.
Mooch
Our congress should have listened to Ron Paul, a published economist, not Obama a lawyer.
but then of course I called called a few names when I said we shouldn't be underwriting loans to Brazil for off shore oil exploration as well.
And probably a few more people called me names when I didn't think Chicago was suited to host the Olympics, I think there are much more suitable places in the U.S, that aren't so 'crowded' and cramped.
Mooch