reuters.com — CIT Group Inc's bankruptcy filing, while long expected, could still trigger a financing crunch for many of the hundreds of thousands of small businesses it finances. CIT filed for bankruptcy protection on Sunday, and said its creditors have already approved the century-old commercial lender's reorganization plan.
Nov 2, 2009 View in Crawl 4
beratebirthersNov 2, 2009
The free market fails again. Why are people against government again?
bearkillNov 2, 2009
Let's review...there are 500 companies in the S&P 500. A decent proxy for how the free market works. How many are profitable? How many have survived the deepest downturn in decades? Answer...the vast majority are still profitable, and all but a handful have avoided bankruptcy. Compare this to Amtrak, the USPS, Fannie, Freddie, Medicare, Medicaid, and Social Security. How have these performed? Would any of these survive with the current "management" if they did not receive unlimited funding from the government? The free market kicks ass on government every time. No question. And if you think a "good" free market system means that we never have a recession or a downturn, that is as unrealistic as expecting that every day be sunny and 70 degrees. I'll take the imperfect free markets over government fraud and waste any day.
xpproNov 3, 2009
Shouldn't the government seen this coming, if they are so good at running things, and anticipating what the free market can't?