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