Bailouts Are For Bullies

Asked why the federal government refuses to bailout CIT, a major small-business lender on the brink of bankruptcy, a Treasury Department flack told MSNBC last week that “even during periods of financial stress, we believe that there is a very high threshold for exceptional government assistance to individual companies.”

That didn’t prevent perennial overachievers like Bank of America, American Express, AIG, Goldman Sachs, JPMorgan Chase, Morgan Stanley, GM, Bank of New York Mellon, U.S. Bancorp, Northern Trust — wait, there’s still more — State Street, BB&T, and Capital One Financial from collectively receiving hundreds of billions in taxpayer dollars last fall.

What gives? What’s the real reason CIT is being denied a bailout? By process of elimination, Recessionwire has come up with the following list: [Read More...]

--Posted by Angus Loten, RecessionWire.com

The Recession Will End...by 2010
Screwed: 1,700 at Continental Airlines
Recession Briefing 7.21