CIT's plea for rescue from the Federal Government has been denied. This is a colossal mistake with monumental ramifications. Anyone doing business with or connected to CIT must email and or twitter all of their representatives from The White House to their local mayor's office and tell them that they must rescue CIT or put 1 million small businesses at risk.
I don't know what they could possibly be thinking down there in Washington, but the truth is small businesses will not be able to finance their situations without CIT. They are the only bank that still lends money to small businesses. There is no one else to take CIT's place.
CIT has debt of 1 billion due soon and 10 billion down the road. To help them would be a drop on the bucket compared to the hundreds of billions given to the likes of AIG and all of those reckless banks. It would be a huge mistake not to step in. In today's NY Times Tracy Mullin, Chief Executive of the National Retail Federation says:
"[CIT Failure] cannot be allowed to happen at a time when retailers are already struggling to survive the national recession."
Everyone must email and tweet each and everyone of your local, state, and federal representatives!