A few months back when CIT was on the emergency room table imagine the conversation "keep him going, the stock market is doing great, there cash flow problems will go away soon as the economy must be getting much better". Now here we are again with CIT in the emergency room still, again, who cares...yes CIT is important to small business in this country very important - but the importance of the message is that the businesses that CIT finances are obviously on the whole still under tremendous stress and are therefore unable to make interest payments to CIT...the stock market world and Main st. world are glaringly in conflict, in one world things get better seemingly by the minute (SPUZ up$4.5 and climbing as I write) and in the other things are bad and have seemingly stayed that way - if not CIT would have been able to right the ship w/out some massive debt/equity swap which for all of you darkmatter traders outthere should wipe this sucker out....be careful.
CIT's message wont be heard today just the end of month/qtr shenanigans.
JB
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