Author Topic: CIT Lending is Bandrupt! Lookin Good? (Read 593 times)

Dee · « **on:** November 02, 2009, 03:12:06 AM »

CIT Lending giant that gives many small businesses nation wide it's lending starts, is now bankrupt it JUST ANNOUNCE THIS MINUTE! We continue to sprial, and we continue to do the same ole, same ole.
How far down will we go, before we change collectively as a nation? Your thoughts?

Graybeard · « **Reply #1 on:** November 02, 2009, 03:20:58 AM »

We will not change until we hit rock bottom it is just the nature of the human animal. There are too many on the dole these days for the folks who'd like to change things to over come. Only when it gets so bad that those on the dole can no longer get their handouts will things have bottomed out and only then will there be enough of an uprising to reverse things.

Few of us alive today will see the turn around.

Questor · « **Reply #2 on:** November 02, 2009, 03:31:41 AM »

It's not good, but it is a sign of the times. I believe this is one milestone that will signal a new wave of low confidence in the economy, and it will have a short-term negative effect.

How the company emerges from bankruptcy is more important than the fact that it is going into bankruptcy. Federal meddling will be a very bad thing in a case like this.

powderman · « **Reply #3 on:** November 02, 2009, 03:35:55 AM »

And osama is pushing lenders to issue even MORE loans to folks that either cannot or will not repay them. POWDERMAN.

Dee · « **Reply #4 on:** November 02, 2009, 03:36:50 AM »

Ya know GB, this dole thing you speak of is a real sore spot for me. In conversations via email with another member, he gave me a web location for farm subsidies, and how they can be looked up by state, county, zip code, and even town.
It not only tells you whom gets the farm subsidies, but how much they have gotten so far. I was SHOCKED, that the farmers in my small home town have not only gotten hundreds of thousands of dollars EACH, but that also they have FILED AND RECEIVED, hundreds of thousands of dollars thru their wives, whom I know for a fact have NEVER farmed.
They have learned to manipulate the governmental system, and just in this small town where I live, it is into the millions. It explains why these same farmers can drive $60,000.00 SUVs, and "farm" pickups, and have heated swimming pools, and expensive vacations several times a year.
The "FARM lobby" is probably BIGGER OR AS BIG, as the "UNION lobby", while we NON FARMERS, and NON AUTO WORKERS, are struggling to make ends meet, are also footing the bill on all of these subsidies, and they continue to LIVE LARGE among us.
These MILLIONS OF DOLLARS, I speak of is just for this small town I live in. I am not even speaking of the zip code I am in, and think of the BILLIONS NATION WIDE WITH THIS TYPE OF DECIETFUL PRACTICE on the farmers part. To me, and maybe I am alone on this one it is theft.

Questor · « **Reply #5 on:** November 02, 2009, 03:44:36 AM »

Powderman:

That is an excellent point. I know that Obama has been publicly urging lenders to lend more freely, but I do not know what kind of pressure he is putting them under to make it happen. Tampering with the risk models that lenders use is a sure way to create a lending crisis that will make the housing bubble seem like a minor event.

Graybeard · « **Reply #6 on:** November 02, 2009, 03:45:50 AM »

We are farmers, how do we get some of those subsidies? All we get to do is pay income tax on our meager farm income.

Dee · « **Reply #7 on:** November 02, 2009, 03:52:34 AM »

GB, you ain't doin it right is all I can say. As I typed, I was truly shocked at the amount these guys actually get, and then file in their wives name and almost match that first amount dollar for dollar. I could live on one yearly income of one farmer and his wife's subsidy receipts for one year, for 4 years, and have a $40,000.00 a year income for that 4 year period.
He was interview once on a local TV station investigating farm subsidies and stated that he did get them but, it wasn't much. He refused to say how much, and given what he was getting I don't blame him.

bearmgc · « **Reply #8 on:** November 02, 2009, 04:59:06 AM »

Once again, the devil is in the details. Did this banking firm request a bailout and not receive it? Did this firm try to go it alone, even in the face of looming failure? Is this firm just another example/victim of Obama's selective dole-outs? If so, does this once again indicate Obama's disdain for small business operators? His past record of "rewarding" some firms and entities with "recovery" funds and not others, leaves me suspicious of his agenda. No, make that certain of his agenda.

Dee · « **Reply #9 on:** November 02, 2009, 05:03:26 AM »

I very clearly remember that this banking and economic collapse started the last year of Bush's administration. I don't know whose fault DIRECTLY it is, but I don't think once in started in 2008 that ANY president of ANY party could have stopped it.
I am distrustful of the Obama administration, but at the same time believe it is a fault that should be shared by BOTH PARTIES, and our own population as Americans COLLECTIVELY, NOT PAYING ATTENTION.

bearmgc · « **Reply #10 on:** November 02, 2009, 05:28:48 AM »

I do not dispute the assigning of collective blame. We have an America that spends way beyond its means, both politically and individually. Rather though, than administrating an era of austerity, this administration continues on the same path of spending like there's no tomarrow. Do they know something we don't know?

Dee · « **Reply #11 on:** November 02, 2009, 05:33:53 AM »

Well not to defend this administration, because I don't like it, but have they yet spent as much as Bush did in the last 6 months of his administration?
Just a question by the way? I am playing the devils advocate here.

torpedoman · « **Reply #12 on:** November 02, 2009, 01:31:29 PM »

personal bankruptcy is a great shame and cause for scorn ect ect.. Business baknruptcy is a great thing gets rid of debt wipes out stockholders business as usuall just some added paperwork nothing really changes except they dont have to pay back the government bailout of 2.3 billion and the common stocks are valued at zero. Oh by the way this business will be the first one to tell you how shameful it is to file a personal bankruptcy and leave them holding a 2 grand note that is worthless while they do it and you get to foot the bill for 2.3 billion.

Greenbug · « **Reply #13 on:** November 02, 2009, 02:08:36 PM »

New guy here. Thanks for the info on the farm subsidy information, Dee. I did a quick Google on this subject and came up with this link which did give a list of recipients by zip. To tell ya the truth, I am shocked ! My little community of about 15,000 here in south central Indiana is sucking up millions from this program. I only know of a handful of large farms around here, and they must all be raking in the cash from the looks of things.

http://farm.ewg.org/farm/region.php?fips=00000#searchform

Quote from: Dee on November 02, 2009, 03:36:50 AM

Ya know GB, this dole thing you speak of is a real sore spot for me. In conversations via email with another member, he gave me a web location for farm subsidies, and how they can be looked up by state, county, zip code, and even town.
It not only tells you whom gets the farm subsidies, but how much they have gotten so far. I was SHOCKED, that the farmers in my small home town have not only gotten hundreds of thousands of dollars EACH, but that also they have FILED AND RECEIVED, hundreds of thousands of dollars thru their wives, whom I know for a fact have NEVER farmed.
They have learned to manipulate the governmental system, and just in this small town where I live, it is into the millions. It explains why these same farmers can drive $60,000.00 SUVs, and "farm" pickups, and have heated swimming pools, and expensive vacations several times a year.
The "FARM lobby" is probably BIGGER OR AS BIG, as the "UNION lobby", while we NON FARMERS, and NON AUTO WORKERS, are struggling to make ends meet, are also footing the bill on all of these subsidies, and they continue to LIVE LARGE among us.
These MILLIONS OF DOLLARS, I speak of is just for this small town I live in. I am not even speaking of the zip code I am in, and think of the BILLIONS NATION WIDE WITH THIS TYPE OF DECIETFUL PRACTICE on the farmers part. To me, and maybe I am alone on this one it is theft.

DDZ · « **Reply #14 on:** November 02, 2009, 02:34:57 PM »

I looked up the farm subsidy's in my area and see the same, in fact a couple of relatives that I kind of figured were getting subsidy's are, but didn't realize that much. The way I look at it is if you can't make a go of your business without digging into tax payers pockets then sell the farm. Where is my subsidy for going to work every day for the last 34 years?
For every government handout program there are thousands of people that know how to work the system, and get money they don't deserve. The farm subsidy program is just another indication of how inefficient government does things. The real problem is when our wonderful politicians start something like this and it doesn't work. They think its because they just haven't done enough of it.

mechanic · « **Reply #15 on:** November 02, 2009, 03:23:34 PM »

Ted Turner and the Dole farms are two major benefactors. I'm sure Ted needs it.
I also found a local family that I know, who all farm the same acreage. There are four brothers, and about 900 acres, about 500 cultivated. All are on the list, as well as two wives..........I wonder if I can apply? I've got 1/2 acre or so. I'll agree not to plant something if they will pay me.........

Dee · « **Reply #16 on:** November 02, 2009, 03:45:50 PM »

See what I mean boys? Now maybe some understand my loss of respect for the Democrats AND the Republicans. BOTH PARTIES are party to crap like farm subsidies. And you and I are paying for it.

The Hermit · « **Reply #17 on:** November 02, 2009, 03:56:05 PM »

I recall that it was Alan Greenspan who advocated the easy money policy to get us out of the first bubble, which he created.
Geitner, who cheated on his taxes, now is asking Americans to save more, while his boss, Obama, wants to start lending more to those who can't pay back. Bend over, taxpayer.
Small businesses will need more loans to pay for health care.
CIT will, IMHO, post a huge gain with in the third quarter after chapter 11 filing. Then watch the bonuses start flying. Over 100 banks went belly up so far this year. FDIC is technically broke. bend over, taxpayer.
Wonder why your groceries are so high? farm subsidies. You pay it everytime you buy something. Gas is going up again. I'm beginning to wonder just how far down is "rock bottom"?

The Hermit

searlock · « **Reply #18 on:** November 02, 2009, 03:59:51 PM »

guys i hate to break it to you but this ain't the half of it, you won't believe the tax breaks and loop holes these people get. if it ever goes bad some of these people live next door.

DDZ · « **Reply #19 on:** November 03, 2009, 11:10:13 AM »

Yes that's true, but I think most of us are mad enough as it is. Sometimes I think its better if some things are left unknown. Although most of us kind of know what kind of corruption is going on through out government.
I personally know some people that are very good at doing what government programs let them do, and that's steal money from our pocket. I know one guy, that is dumb as a sack of hammers and his wife directs him on ways to get tax payers money. He doesn't work because he says his legs are bad and can't stay on his feet and has trouble walking, but he still hunts and fishes. Go figure. He's on disability and his wife doesn't work either, but they are living pretty well.

I remember my Pastor telling me once about being in a supermarket and standing in line behind a couple that were using food stamps to pay for their grocery's. He paid for the few items he had, went outside and saw the couple get into a corvette. He said that seeing that really got him steamed.
As I started to say before once you have a chapped a** over something it really doesn't do much good to add to that.

Dee · « **Reply #20 on:** November 03, 2009, 11:59:01 AM »

The list goes on and on. Another example is farmers don't pay tax on fuel for their machinery. In theory it's because they don't run the machinery on public roadways. Excuse me? How did they get it from one piece of land to another?

A friend of my mothers was recently in a check out line at WalMart. A rather portly lady tried to pay for dog food with her food stamps card. The clerk told her she could not pay for pet food with a welfare card, that it was illegal.
Getting angry and loud, she turned to her equally portly son, and said: Go get the same amount of STEAK the dog food costs. The dog has to eat, and tonight he eats steak, and the boy did as he was told.

powderman · « **Reply #21 on:** November 03, 2009, 12:41:22 PM »

I checked my county and know most of the farmers, I also note that these are payments over an ELEVEN year period. Every one of these that I know are very hard working individuals, several are neighbors. POWDERMAN.