US depression a reality as 101-year-old commercial lender, filed for bankruptcy
Peter Oberois
Nov. 1, 2009

US economic depression is real. There is no way the Federal Reserve and the bail out mecahnisms can continue to provide endless fiscal bailout money to these institutions.

CIT listed $71 billion in assets and $64.9 billion in debt in a Chapter 11 filing in U.S. Bankruptcy Court in Manhattan. The U.S. Treasury Department said the government probably won’t recover much, if any, of the $2.3 billion in taxpayer money that went to CIT.

CIT has $1 billion from investor Carl Icahn to fund operations while it reorganizes. The credit line, to be drawn on until Dec. 31, will be a so-called debtor-in-possession loan. It also expanded its $3 billion credit facility by another $4.5 billion on Oct. 28.

US depression a reality as 101-year-old commercial lender, filed for bankruptcy
Peter Oberois
US economic depression is real. There is no way the Federal Reserve and the bail out mecahnisms can continue to provide endless fiscal bailout money to these institutions.
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Unemployment claims, fall in payrolls will point to accelerating deterioration in job market while hyperinflation in borrowed stimulus driven commodities
Sam Adelton
The picture is clear. It is a failure of fiscal policies that was an entension of failed Bush policies. The job market went no where, while oil went to $80 a barrel, gold, $1050 an ounce.
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Spending by U.S. consumers fell in September for the first time in five months. It is the firsdt sign of the trillion dollar stimulus effect getting exhausted.
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Peter Oberois
The job growth in the US economy is dismal. The most of the borrowed stimulus money is wasted in creating commodity inflation and bailing out failure in big corporate and banking governance.
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A confirmation of global depression - Japanese auto products nose dives to 34-year low - export market crashed to a 50% down
Kirsten Rabke
The news just confirms the global depression although its is stealth because of coordinated Government propaganda all around the world.
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NJ payment of $1 million to Goldman Sachs for bogus interest- rate swap agreement is a Repuplican cheap stunt before election but who will prosecute criminally negligent oversight and Goldman Sach's fraudulent behavior?
Special Correspondent
No wonder Goldnman Sachs can give billions in bonuses to their employees in this time of economic depression. No wonder NJ State is busy wating tax payers money to the corrupt wealthy that controls the power base.
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Economy on life support - 225000 Americans losing their unemployment benefits every month - exploding underemployment
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The exponential growth in underemployment is alarming. The trend that started in 1981 is exploding now creating devastating effects on the economy.
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Japan faces deep trouble in exports as China and US markets slowly evaporates for Japan with extremely strong yen
Peter Oberois
Japanese dropped 30.7 percent from a year earlier. Exports to China, Japan’s biggest market, fell 13.8 percent.
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