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43 Comments
- dkapuchino, on 11/02/2009, -4/+13Good thing the financial crisis is behind us, and all that money printing "saved the economy".
- vroom101, on 11/02/2009, -6/+12From the article: ". . . CIT's move will wipe out current holders of its common and preferred stock. That means the U.S. government will likely lose the $2.3 billion it sunk into CIT last year in return for preferred shares to prop up the ailing company. The government could have lost billions more, however, had it not declined to hand over more aid to the company earlier this year. Treasury Department spokesman Andrew Williams said the government will be closely monitoring the bankruptcy proceedings, but acknowledged that "recovery to preferred and common equityholders will be minimal." . . ."
Read "How Deregulation Eviscerated the Banking Sector Safety Net and Spawned the U.S. Financial Crisis" by Shah Gilani: http://www.moneymorning.com/2009/01/13/deregulatio ... (www.moneymorning.com/2009/01/13/deregulation-financial-crisis/) - rizzo2008, on 11/02/2009, -1/+4that's unfortunate I thought it might have been Citigroup too and almost jumped for joy hoping that they finally got what they deserved (too big to fail my ass).
- Eorster, on 11/02/2009, -0/+3CIT was a lender to the small guys. The small businesses. So of course they should be left to collapse. It's not like they provide something of value like Goldman Sachs providing billions in bonuses after taking billions in TARP.
- schnikies79, on 11/02/2009, -0/+3If it depends on where you live, it's not a depression. A depression in a national phenomenon based on GDP, not a local one.
- jm5chn, on 11/02/2009, -0/+2sweet...opportunity to go into the market
- theratdotus, on 11/02/2009, -0/+22010, hyperinflation . america wakes up from its (pipe) dream :) we are running out of ***** to exploit to keep the top dragging the rest of the 90% of people
- dkapuchino, on 11/02/2009, -0/+2Both should have been allowed to collapse.
- Mpwns, on 11/02/2009, -3/+5depends on where you live my cities unemployment rate is 20% with about 8,000 homes on the brink of foreclosure. i am sub-contracted with all the major banks to inspect homes they are about to be proud owners of in my valley my work load got so big this past summer that i had to tell one bank to hire another company to help out. next up is Xmas even more people will say forget "rent we need gifts". if it is anything like last year i will get a 25% increase for jan-march and get a 10% drop after that from people catching up, but that still leaves me with another 15% for the long term. if anyone payed attention in school history you would cleary see we are in a Domino effect. it started with manufacturing in the 90's moved on to the dot com bust then the housing bubble popped, then AIG, banks, auto, and now small businesses are gonna pay the price. you will also notice how much faster it is happening. there is not a sector not hurting right now and one falls it hurts another into falling.
- wvaughan, on 11/02/2009, -2/+4Hopefully this will encourage Americans to have another public discussion on the bailouts.
- inactive, on 11/02/2009, -0/+2Hey haven't they heard the crisis was over?
On the positive side, if Obama had not acted, they would be going even more bankrupt than they are now. - LordOfRuin888, on 11/02/2009, -0/+1Best of luck guys on that endeavor, I'll be buying some more of your dollars when you do.
- vroom101, on 11/02/2009, -0/+1"Can Citigroup Carry Its Own Weight?": http://www.nytimes.com/2009/11/01/business/economy ... (www.nytimes.com/2009/11/01/business/economy/01citi.html?_r=2&ref=business&pagewanted=all)
- AlienMushroom, on 11/02/2009, -0/+1Before you guys digg me down further and get completely buried, check out GM's stock on the day they declared bankruptcy.
It went from nothing to $1, back down to nothing, went up to $0.9ish, back down to $0.5ish, and so on.
This kind of economy is ***** up. - brad3378, on 11/02/2009, -0/+1I'll be buying on the dip
- samurimaster, on 11/02/2009, -8/+9We are not in a depression
- friday1970, on 11/03/2009, -0/+1Maybe if you read the link I posted, you'll come to the same conclusion as the former Bush hater did once he realized the very underlying factor for all of the mess
http://www.businessinsider.com/the-cra-debate-a-us ...
"Earlier this week I noted that I had changed my mind on the Community Reinvestment Act.
Contrary to my initial conclusion, the evidence is overwhelming that the CRA played a significant role in creating lax lending standards that fueled the housing bubble"
BTW, you might want to cut and paste the most important facts from your link. And, I don't mean that in any offensive way. I just wish I had more time to read all the info you provided in the links. By posting a snippet, you could entice me to read further into the link. Just like the news does with their "teasers". - Tarkaan, on 11/02/2009, -0/+1*****.
- scamper22, on 11/02/2009, -0/+1always better to cut off a healthy person's arm to give a dying accident victim the use of his arm for a few more days ...
- Mpwns, on 11/02/2009, -0/+1I'm a democrat.
- theratdotus, on 11/02/2009, -0/+1when i lie, steal and act like a ***** monkey at my job, they let me fail.
- Eorster, on 11/02/2009, -1/+1I agree with you, and I voted for Obama. Systemic failure only applies when the wealthiest in the nation are about to lose their money and opportunity. You know those small businesses, owned by the small guys, that we thought had representation in the White House after Obama was elected, well I think it's safe to assume that this really wasn't the case. What a F*&^*& let down!
- LastVisibleDog, on 11/03/2009, -1/+1Let Insightful's endless Lefty Loony whining begin
...no wait, it never stopped - ModernTenshi, on 11/02/2009, -3/+3*****.
- gcnaddict, on 11/02/2009, -3/+3Stock market is still going to take a bullet to the head for this one. No one will want to sign a loan from a company under bankruptcy protection because of the risk of those guys having to go from Ch. 11 to Ch. 7.
I almost freaked out, but then I realized it said CIT, not CITI. Still, my tech shares will probably crash. - akhomestead, on 11/02/2009, -4/+3lol, your proof that you should never overestimate the power of denial,
We are in a depression, and it's going to get worse, prepare for it or you will be left to beg from those who did. - rizzo2008, on 11/02/2009, -6/+5Oh I thought the economy was recovering /s
- Insightful, on 11/02/2009, -6/+5Let the conservative scaremongering begin...
- vroom101, on 11/02/2009, -2/+1(a) "Ailing, Banks Still Field Strong Lobby at Capitol": http://www.nytimes.com/2009/06/05/business/economy ... (www.nytimes.com/2009/06/05/business/economy/05bankrupt.html?pagewanted=all)
(b) "Subprime Brokers Back as Dubious Loan Fixers": http://www.nytimes.com/2009/07/20/business/20modif ... (www.nytimes.com/2009/07/20/business/20modify.html?pagewanted=all)
(c) "Wall Street Pursues Profit in Bundles of Life Insurance": http://www.nytimes.com/2009/09/06/business/06insur ... (www.nytimes.com/2009/09/06/business/06insurance.html?pagewanted=all)
(d) "In Appraisal Shift, Lenders Gain Power and Critics": http://www.nytimes.com/2009/08/19/business/19appra ... (www.nytimes.com/2009/08/19/business/19appraise.html?pagewanted=all)
Via: http://topics.nytimes.com/top/features/timestopics ... (topics.nytimes.com/top/features/timestopics/series/back_to_business/index.html) - AlienMushroom, on 11/02/2009, -2/+1Another bank going down. Another day investors making big buck off the huge fluctuations of their stock on Monday.
- brad3378, on 11/02/2009, -2/+1Before the election, only the Democrats were in a depression.
Now that we have a Democratic president,
only the Republicans are in a depression. - vroom101, on 11/02/2009, -3/+2More details in the following articles . . .
1. "CIT Group files for prepackaged bankruptcy": http://www.reuters.com/article/BANKSL/idUSN0140886 ... (www.reuters.com/article/BANKSL/idUSN0140886320091101?sp=true)
2. "CIT Files Bankruptcy; U.S. Unlikely to Recoup Money" http://www.bloomberg.com/apps/news?pid=20601087&am ... (www.bloomberg.com/apps/news?pid=20601087&sid=aGR8yTH2eLwY&pos=1) - inboxnews, on 11/02/2009, -3/+2Where did the government get all that money to loan? Obama's stash? He IS the President.
- inactive, on 11/02/2009, -2/+0financial crisis is still here
http://research.yale.edu/bioimagesuite/forum/index ...
http://psbaqcforums.psba.edu/index.php?PHPSESSID=4 ... - damien6669, on 11/02/2009, -3/+1Does this mean I am not pre-approved for the loan??? The mail is a LIE!
- Surfrock66, on 11/02/2009, -3/+1This is a HUGE story and will result in sending the economy about 3 major steps away from recovery.
And it has less diggs than a picture of a colorful cupcake further down the page.
I can't help but feel we deserve this for being too dumb/lazy to do something before it was too late. - friday1970, on 11/02/2009, -5/+2Unfortunately, your comment is going to fall on deaf ears. No liberal wants to admit their all powerful government had the largest hand in creating the 2008 economic crisis. But, it is true.
If any lib doubts me, prove it. - thefox84, on 11/02/2009, -5/+2Just an FYI for people, if you have invested in C(Citigroup) you are alright. I almost had a heart attack when I read the headline...
- vroom101, on 11/02/2009, -4/+13. "CIT Files Its Bankruptcy Plan": http://online.wsj.com/article/SB125709781695721315 ... (online.wsj.com/article/SB125709781695721315.html)
- schnikies79, on 11/02/2009, -5/+2These government loans did nothing but delay the inevitable. It happened to to CIT, Chevrolet, Chrysler and others. It will happen to more.
If they just let them bankrupt from the get-go we wouldn't be this many extra trillions in the hole. - rizzo2008, on 11/02/2009, -7/+3This is what really caused the financial crisis
http://online.wsj.com/article/SB122298982558700341 ... - Mpwns, on 11/02/2009, -14/+6told everyone since last year the depression 2.0 was coming, they said i was crazy. who is sorta laughing now? me, kinda worried at the same time. dow will be back to around 7,000 in no time now.
- ericdano, on 11/02/2009, -13/+2Great.......so CIT, which provides loans to small business is bust........
Good job Obama........mission accomplished
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