CIT, you had more than a year to get your house in order. You had more than two years of watching your stock plummet, from a high of $61.59 in the early 2007 to $1.35 yesterday. During this time, your only strategy was to to form a bank-holding company to get a government bailout. The reason that your strategy has not worked is because the FDIC was against it. Good for them! But, now the Federal Reserve and the Treasury are involved, which quite frankly probably means a bail-out for you. Bad for the U.S. taxpayer and shame on the Fed and Treasury!
We cannot, as a nation, keep doing these bailouts. Sooner or later, if we continue down this path of bailing out everyone, we will find ourselves in a total economic collapse. I, for one, am rapidly losing faith that we will survive as an economic power.
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