CIT bites the dust & We taste the mud

http://www.bloomberg.com/apps/news?pid=20601087&sid=a3.t_GrxbL2U

CIT accounts for about 70 percent of all short-term U.S. financing known as factoring, worth about $40 billion a year, according to Ray Ecke, president of Credit Management Resource in Oakland, New Jersey.

In factoring, suppliers and manufacturers sell payments owed for goods and services to companies such as CIT because they need immediate cash. The process gives vendors money to produce goods retailers have ordered. Retailers typically make payments within 90 days. After they do, a factor keeps a fee based on a percentage of the total order.




http://online.wsj.com/article/SB125709781695721315.html?mod=rss_Today%27s_Mos...

http://www.washingtonpost.com/wp-dyn/content/article/2009/07/16/AR20090716036...
July 09 article: The potential bankruptcy of lending firm CIT Group threatens to disrupt the flow of merchandise between retailers and their vendors just as they are gearing up for the crucial holiday season.

http://www.guardian.co.uk/business/2009/nov/02/cit-group-us-bankruptcy
U.S. Businesses at risk?

Category:

People & Blogs

Tags:

• CIT
• bankrupt
• collapse
• crisis
• bailout

[goedeck1]

Mkie

Do you think the shut down of the Bay Bridge could be a "black swan event?"

[demensha23]

It's a minor hassle..I wouldn't want to be the engineer that OK'd the original fix..I'm no expert, but it's a good guess there are more weak spots on that span. It's still closed last time I checked.

[TheUrbanSurvivalistS]

Mike we need more people like you in this world.

I love the fact you stand up and speak truth. When someone is genuine it resonates in the tone of their voice....and your coming though loud and clear.

Keep the videos coming.

[psxwarrior]

WE ARE BEING RAPED!!! Sorry, just venting.

[lyceaon]

Wow! spot on!

[liabatud67]

Thanks Mike for the info. I'm trying on my end. I'm getting my finances in order and then back to preparing. God bless and keep the good info coming please.

We need the watchmen on the wall like you out there.

[POSEIDONRSW]

The dominoes keep falling and the sheep keep bleeting away like nothing is happening. You can never be too prepared.

[nitdiver5]

Wheeew. Good thing we don't manufacture anything in the US anymore or we would really be in trouble! This situation as rigged by global elites. They have to bring down America to get it into the one world govt, i.e. The New World Order. This is the 4th beast in Daniel ch7 or the feet of iron mixed with clay in ch2. Read Matthew ch24 to understand what is happening. Christ returns 70 years after Israel returns to their land-Zachariah 1:12-16. we are at the end of this earth age.

[dweber66]

the financial system is hopelessly bankrupt

[jwsphilippinesgold]

thanks for another awakening

[Herbalpagan]

I think the Bay Bridge is just an example of what happens when a state puts it's money into "save the seals" rather than improving infrastructure.

[icebreaker7]

Great Video!

Yet more proof our financial system is FUBAR. We the US tax payer should be upset at the staggering loss of 2.4 BILLION dollars. I'm upset because this will ultimately affect my own small business. All I can do now is brace for impact in ....3...2....

[reeram]

thanks d23! you're great for doing what you're doing, keep it up!!!! :)

[POSSUMTOHIDE]

Thank you Demensha!  God Bless!