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SMALL BUSINESS
CIT Rescue Marks Shift in Crisis
By STEVENSON JACOBS and DANIEL WAGNER
, AP
NEW YORK (July 20) - It's a new twist in the financial crisis: A major bank on the verge of a last-minute rescue
Copyright 2009 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.
2009-07-20 18:23:15
COMMENTS ( 22 )
Sells48
10:37AM Jul 21 2009
well if the state workers would work and not stand around picking their noses,the states wouldnt be in such as bad shape
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Sells48
10:34AM Jul 21 2009
screw it hell all the money is gone and now its time to pay the piper
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HrrPa9
7:59AM Jul 21 2009
The bond holders had no choice. If they let CIT go under they risked losing most if not all of their investment. To them the collapse of many small businesses who depend on CIT would have initially been collateral damage. They do know that in the long run insipient small business collapse would have turned into a disaster even worse than the one we have now. This private bailout of CIT only bought some time. If the Christmas shopping season turns out to be as bad as it looks like it might all of the bailouts government and private will not matter. The true hypocrisy of this administration will emerge and the possibility of political destruction for it and the ultra liberal branch of the democratic party may ensue.
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Eevans116
7:44AM Jul 21 2009
You voted the communist party into office...therefore, you reap what you sowed...you are getting what you voted for.....as phil would say ...how is it working for you ?
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Foundmercy
6:30AM Jul 21 2009
The reason CIT was turned down is that tey are a small business laoner. That idiot in the white house wants all small business dead so he can control what's left with TARP money. That gives him more power. This country is so stupid anymore, no one understands economics, they are all xboxers who like rap music. God help us.
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