Don't Panic! CIT Group - what it really means!

[sott81]

i hope the cit group don´t go down!

i have buy a lot of 55.000 pieces.

[edschaeffer]

Fever, in light of the events that has occurred since this video... They got two exchange offers to go through.. think they''ll get the third?

[redcolt2]

And when he had opened the third seal, I heard the third beast say, Come and see. And I beheld, and lo a black horse; and he that sat on him had a pair of balances in his hand.

And I heard a voice in the midst of the four beasts say, A measure of wheat for a penny, and three measures of barley for a penny; and see thou hurt not the oil and the wine.

[mikeybrumbrum]

Yep !

[FlamingoKicker]

Obama couldn't have been happier that everything went in the crapper during the election. How else can someone with nothing but a message that things must "change" if people are content and happy and working? I wouldn't be suprised if Obama was behind causing the collapse? Isn't one of his advisors the former head of Freddie Mac? Would you hire someone as an advisor who bankrupted his previous agency?

[SendinK9]

As soon as everyone realizes this is an "engineered" collapse then the sooner it will be that much easier to understand. Funny how the Gov bailout thier good old boys on Wall St but when it comes to something that is going to directly effect the middle class it is allowed to go bankrupt and the Gov could care less. People also have to realize we now have a Gov that is pushing socialism, socialist need to get rid of the middle class so they can succeed with that agenda. REVOLUTION will fix it!

[centervilletn]

i wonder if the new rules regarding etf' are related to cits pending collapse

[FeverIAm]

It is much more likely that the big ETF players have been using naked shorts to generate the gains that ppl are gaining from. SEC says no more naked shorts, and all the double short ETFs are closed!!!

[centervilletn]

i feel like im playing chess and im 7 moves behind...

[centervilletn]

then i realize that i havent spent a lifetime figuring out how to screw people over...they are professionals...

[mikeybrumbrum]

yep, thats how i "woke up", too.

I just thought - Wow ! someone has been shafting me, while I was wasting my youth, aimlessly.

Hmmmm !

[SilverRose09]

Thank you for your very well explained video. Congress bail out the banks, and now the banks are even stronger than ever by getting rid of CIT and taking advantage of the small people and small business owners. This means that the banks have planned all for their absolute control of money and power. Wow...now I can see clearlier than ever....

[devil421]

wb Mike. Thought TPTB had finally got to ya ;)

The death of CIT is the start of the big down. Bondholders are going to extend the life of the company until October or so so it can be the "catalyst" of a market crash. Though CIT itself wont be the trigger. The crash will be intentional BUT it will concide beautifully with CIT going BK, big losses on wall street (once no more people can be fired and earnings are revealed to be the hoax that they ignored in Q2!), and a terrible bond auction.

[zappyhod]

Anyone know how CIT's bonuses look this year ?....Sounds a bit familiar...

[rentonsentinel]

Good information. Thanks

[ThirdForceBlind]

Very good. Thanks Mike

[marpoq]

mike, did you hear about the fema exercises that started today?

[dustycajungirl]

What I want to know ,everyone keeps saying leave the country but can anyone tell me of a country that wont be gov ran soon???

[Jollyprez]

What is the government supposed to "do about it" ? Seriously, it's been government meddling that has caused most of the problems to date. Intervening will merely cause more distortions. As they pick and choose who the winners & losers are - based on cronyism - the rest of the economy goes to hell.

[WHEREtheFUNK]

this one has scared me morethen all the other economy vids I have watched in the last 6 months

[Lekozza]

So, how long (or, for how much longer) can governments keep bailing out companies/banks?

L.

[SATANSbankers]

Good question, how long until Hyper-Inflation occurs?

[podrag]

This is a freakin mess. I think we both know what this means.

[reginald58]

mike heres an item i found, on food shortages, on google: walkers world: new food crisis looms from UPI

[ctawbasmk]

Do you think WALMART figures into this? Don't see WM failing. Is this not a good chance for the gov. to own the retail as well?

[GospleWarior]

This will probably be the next band-aid bail out. Band-aids don't fix wounds they just protect them. This sounds pretty bad. I wonder when the adversaries will finally let this economy collapse.

[distingquished11]

Dodd is a POS and anything he says is BS. You know the Government will bail them out by becoming part owners raking in 20 cents on the dollar. It is really getting sick. Retail busts,vaccines,clunker paradise,healthcare witchcraft,Fema trains and coffins,census BS. Did I miss n e thing?

[blueprophet9]

Education. 2+2=5

[wetalmorker]

Yah, we did miss something. In '71, when Nixon dealt the final blow to the gold standard (I was 14, stupid and oblivious), we started down this road.

Never mind Bretton-Woods in '44. The tipping point came in '71.

And no, this regime will not bail out any institution that may serve its people's best interest. Watch and see.

[RedWyvern07]

thank Q.xxx

[aw3212]

about the time the government realizes that CIT is "to big to fail" there will be NO buyers left..

[omgstfuok]

Fuckin eh, you have a fan here. Keep up the good work!

[ike7332]

sorry mike i meant to 5 star  sorry again

[Barack0to0the0future]

haven't watch a video in so long, mike you a breathe of fresh air my nigga

[slobomotion]

Five stars. Will resubscribe when the exercises are over.

I was essentially cursed by a YouTube channeler recently.

Can't say more, as even small comments I make, this raises more ire.

Best to you.

[youratm]

I had no idea CIT was in trouble.

[fal2grace]

Thanks Mike. I've come to the conclusion that with $27 trillion in debt, the US is bankrupt so all the talk about specific problems doesn't even really matter.

[soulvisitor]

CIT hits the fan

[mookixox]

Mikey: I gotta agree with you about the freemasons...Nothing but evil elites in ALL sectors of government, media and entertainment...As far as Im concerned anyone who has to take an oath to remain silent under punishment of getting their tongue cut out and death should probably rethink joining a secret CULT.

watch?v=XBjOs-egFMs

So this is why those funny hat wearing geezers gave me the creeps all along LOL.

[phnixlady]

dont forget religion sector, they control 3rd richest organization in world...

[mikeybrumbrum]

So its not as bad as it sounds.

Its this bail out money, being used to really bail businesses out. The mian problem, as i see it, is that hey tend to give "just" enough money to help, as long as none goes missing.

Then 30% of EVERYTHING goes missing. Thats right folks, the freemaosns cream 30% off EVERY penny made in this country. Thats the level of corruption that can ONLY be done by those peopel wearing suits, and whispering in corners, and in smokey rooms.

Private school Masons !!

[mikeybrumbrum]

No, its a GOOD thing.

CIT collects all thebad debts, by paying off all the factored loans. Now the debt is all in one place.

That one place is closed down (thus losing the DEBT, not any money).

They fact that they can do this, does mena that you and I can NEVER get off the first runng of the ladder, since the system is so idsgnustingly impossible to succeed in, unless you are a FREEMASON (as the ALL are).

[mikeybrumbrum]

Im just checking, but i believe that CIS, who are owed all the money, will go bust because the shops cant pay their debts.

Then it will be closed down. So, the debt has GONE, not any real money. They are FACTORING all the debts, so that the banks get paid, then they're gonna close the CIS, and LOSE its debt.

So the banks always get their money and the ficticious CIS just goes bankrupt (but its a LIMITED company, so who cares ?)

[mikeybrumbrum]

I used to care about our country.

But since I became unemployed, and have failed to get MY money out of them, and have been messed about and lied to, and harrassed by my ex girlfriends new boyfriend (copper), and stuff like that......

Ive realsied I couldnt give a crap about any of you. I HOPE the rest of you go bust, because peopelare so selfish, that no one gives a crap. In fact, if you do give a crap, they are gonna push you out, so you never do any goodness.

Let the country die !

[bj4paul]

Nobody owes ya nothing, pathetic whiner !

[siddhaam]

your comment just goes to prove mikeybrumbrum's point.

[mikeybrumbrum]

People who dont believe in SATANISTS should research the word satanist.

I didnt used to believe in banks, freemasons, or you tube, so i know how peopel feel.

But Satanists DO believe in Satan and DO call themselves "Hells Angels" and DO work for your police, and DO run business in yor area, and DO hav e"goatie beards" and DO read 2Morals and Dogma" and DO wan ot kill you, and have the planet for themselves.

They may be idiots, just like silly Christians, but they DO exist !!

[phnixlady]

Actually, we were just discussing this earlier, fascinating. Yes, They do...

[limitedplay]

So Im still confused. What happens when the accounts recievable go out the window with CIT?

Does that mean that the debt doesnt have to be paid back to anyone?????

[Vorpalbite]

its only 1,000 or so buisness, big deal

If CIT doesnt insure suppliers, of course the suppliers will risk the retailers - - If they dont, they are asured of getting NOTHING for their goods

I say the economy is better off with out the retailers - Survival of the fittest is a good thing

[IhavenonameIamaman]

The Banksters are controlling this whole collapse. They must be, no one is this stupid. As the companies you mentioned go bust more people go on the dole, less money around more companies go bust, You see where this is going, don't you?

Mike, did you know the Rothchilds make money on every gold transaction?

[dontblamethemessenge]

let's just bail them out!

I am looking to Ben, he could do it secretly.

Maybe some billions can be made out of thin air, like usually?

So problem soon solved

[BLynchCAN]

Factoring used to pay wages

[lllraverslll]

Mike,

2 words:

YOU ROCK.

thank you for the input :)

[mikeybrumbrum]

i hope thats not a miss spell - ha ha !

[VictorTheGr8]

My staffing Co. uses a factoring company. This is to make a weekly payroll when your receivables may not come in for weeks. This effects SMALL business...not the huge prick companies like AIG etc.. If CIT goes down it will definitely result in massive lay offs and small business failures. Maybe thats what they want...you get to buy from just a few huge corporations.

[robzo87]

question Mike can you do a vid on martial law drills b/c I here today it starts and you are always on top with your topics

[lllraverslll]

something you might find interested mate history channel came out with this show on the 25th of july...every interesting search for Weather Warfare - Using Weather as a WMD PT 1 on YT.

[arcanekrusader]

You'll probably find it listed under comedy :P

[dan020350]

CIT .............. let it go bankrupt......... thats what people like to hear for the corporates. unless those people work for those retailers. Oh well lets continue to think about things.

[davincij15]

Anything systemic will be bailed out unless someone powerful wants the fatal effects.

[matahaari]

We have Government Motors. Why not G-Mart? One big, massive government retailer. That would make very China happy :)

Thanks Mike. Glad you're back! Better, yet, glad you enjoyed your holiday.

[matahaari]

oops...That would make China very happy :)

[robert4you]

matahaari, don't forget we have "Government Suchs" too... ;-)

[GODendthefed]

Mike,

2 words:

YOU ROCK.

God bless!

[revlations]

seems that theres a new strategic game were it is 'monopoly and chess you can buy piece and pay to move lol good game how many people make up a pond ,who army is in a rook ...better question is how many chess and checkers games on the side 2009 they had to change war strategy

[Capnwabbit]

They don't call it a 'correction' for nothing..

[Raycheetah]

Heh. King Zero and his merry band of rascals will simply nationalize Citi. Happens all the time, these days. =^[.]^=

[skybirdbird]

Holy smoke...3 vids!!! You came back with a BANG!

[toeg1]

I worked for a Co. which used fact. banks. We needed the bank for cash flow. Vendors use them for payroll, r/m, and other purchases.

There are other banks. This is probably not the end. It's a simple process. Certainly Goldman Sachs can step in. BofA has a factoring service.

It's not complicated.

[TonyUnplugged]

Shifting the business to BoA and other bailed out banks seems to be Obama's plan, if he has a plan. BoA will need income from other sources as Americans stop paying their credit cards, auto loans, home equity loans and mortgages.

[toeg1]

Tony,

Don't worry, I understand that Bernanke has just purchased two tons of ink for his printing presses and Georgia/Pacific has generously donated half of the remaining Alaskan forest above the Arctic Circle in pulp form to allow for rapid printing, LOL.

The money should arrive by Tuesday.

[mcgrawtim123]

"Certainly Goldman Sachs can step in."

That's it, Watson! You've solved the case.

[toeg1]

Um,

That would be, "Your Imminent Grand Poohbah and Chief Bottle Washer, Sir Dr. Watson," for those of the 'menial' class.

LOL

[VisionQuest2012]

Why was there ever a need for a middle man in regards to accounts recievable in the first place? Wasn't this stuff handled inhouse at one time? Why are these companies being set up as lynch pins in the whole system? Didn't anyone see the dominoes being set up? As you can see I have more questions then answers here. If you wanted to blackmail the government into giving you what ever you wanted then I'm guessing you set up a buisness in which your survival becomes paramount to the overall economy.

[odin422]

FUCK CIT

[odin422]

LET THEM GO BANKRUPT!!!

CIT=AIG!  FUCK THE RETIALERS!

THE US HAS WAYYYYYY TOO MANY STRIP MALLS.....chumps.

[chena3]

well

just whack me

up side the head

with a parsnip

and call me

penelopy...

some thing wicked

this way comes

[odin422]

DODD will be replaced by Peter Schiff.

[BlacksAreBeautiful]

perhaps...but never count out career politicians...and if he is, do you really expect much, if anything to change?

[mscharice09]

JUST SAY IT. WERE F-T

[redmoonspider]

...said the guy with the "elitist-tan".

[MainTightSqueeze]

Very interesting, nice vid Mike!

[navtel]

i believe cit got a 3 billion dollar in boost.. how long that will last and what will happen next is anyone's guess.. another government owned company?

[1776Reborn]

Right, I think CIT was already bailed out a few days ago.

[FeverIAm]

it was bailed out by Goldman Sachs Et. All. guess what interest rate they need to pay?

[whizbang47]

Thanks, Mike. I had heard all the build up and the what ifs (even on Charlie Rose,) but then nothing more. It is a wonderful thing you do here.

[maw1111]

out of curiosity - what was it?

[FeverIAm]

From bloomberg - "CIT, the 101-year-old commercial lender struggling to retire $1 billion of debt maturing next month, agreed to pay a 5 percent fee to the creditors and annual interest of at least 13 percent. On top of that, the New York-based company pledged assets worth more than five times the amount of the loan as collateral. "

Outrageous... but expected!

[YankeeGlacier]

What type of assets might that be? Is it other paper they hold, based on mall designer jeans, pet sweaters and other durable items essential in the event of further collapse?

[aw3212]

on top of that about the time CIT actually fails and Golman takes their assets, there will be stimulas 2 and of course Goldman will be bailed out for all their losses resulting from CIT (even though they didn't.won't lose a penny)

[whiskerchild]

I'll be starting a new business- and I might need factoring- whoops!

[32937isready]

I am glad you are back.

[wcarlpdrysdale]

Chriss Dodd is gonna have his ass handed to him next election ! ;~}

Peter Schiff Moneybomb August 7th

[stshell]

indeed this CIT mess looks disconcerting. well i am not worried because if things break down this week we will have foreign troops here in the US to help us out.

[bigdfromatown]

lol

[AircooledJohn]

Mike you've been busy today!