Tiger : Saturday, August 1, 2009
The Wall Street Journal recently reported that the CIT Group was now close to a deal with some major bondholders to help avoid bankruptcy.
Just days earlier, CIT was refused federal aid and was surely going to go belly up. But now we see when there is no federal handout on the table that CIT has to become a business again and find a business way out.
Look at the mess the government made with GM, Chrysler and the other federal handouts to the financial institutions. Now that federal welfare is not on the table any longer, CIT has to go back to the business world to save itself.
Since January, our government has spent more money than all the prior administrations combined. Our children, their children and down the line are being saddled with a financial burden from which they will never recover. If we continue on this path ? with steps such as passing the new health bill, which may well work its way through a Congress that may again pass without reading and understanding of the cost implications, another faulty innovation ? we are doomed for failure.