CIT collapse could ripple through retail industry (Obama's continuing assault on small business!)

The Fayetteville Observer ^ | 7/17/09 | ANNE D'INNOCENZIO

[Daisyjane69]

NEW YORK (AP) - The possible collapse of a key lender is sending panic through the retail industry, threatening to hang up deliveries of back-to-school clothing and other merchandise and throw holiday ordering into disarray. A bankruptcy filing by CIT Group would hurl more trouble at an industry already hammered by the worst spending slump in decades. Industry experts say that any short-term disruption in financing by CIT could ripple throughout the industry. New York-based CIT fills a crucial role in the retail industry by helping companies that make items get paid faster by the stores that sell them. It does this by providing short-term financing, mostly to small- to medium-sized businesses that can't afford to wait the typical 60 to 90 days it takes to get paid by retailers.

[Vaduz]

People have wised up buy ONLY what you need.

[pointsal]

Interesting reading...
just exercised my copy/paste function to preserve the content on my hard drive.

Again, Matt Taibbi has an interesting story to tell.

Thanks for the post

[pointsal]

This economy is still headed south (down for the econ-impaired reader).

[Diana in Wisconsin]

Bump for later.

[1010RD]

Why does south always have to be down!?

I like the south.

[TwelveOfTwenty]

They are characterizing it as a 3 bil deal with bondholders, including Pimco.

I'm surprised anyone was willing, after what happened to GM and Chrysler's bond holders.

[GOPJ]

Thanks for the ping.

[rabscuttle385]

You’re welcome.