This new report from Bill Still (Maker of The Money Masters which you can find by looking on google video – outlines not only the new film, The Secret of Oz but also tells the remarkable story of North Dakota, the most stable economy in the US and how its State Bank is the fundamental difference between it and all other States in the union.
Be sure to keep an eye on Bill’s reports, which you can find at The SecretofOz.com
The promise of something good coming of Mr. Still’s reporting is still very real – especially when people spread the word and share the story. Pass it on!
Nov. 1 (Bloomberg) — CIT Group Inc., a 101-year-old commercial lender, filed for bankruptcy with financing from investor Carl Icahn after the credit crunch dried up its funding and a U.S. bailout failed.
The practical impact of this is likely to be:
Their factoring business is unlikely to be significantly impacted. This is a very profitable line of work, and while I have often (and still do) argue that any business using it is certifiably insane, it should continue.
Their “general” lending, however, is almost certain to be severely curtailed. I have seen estimates that it could fall by as much as 90%, and that seems reasonable to me.
For many small businesses the latter could be particularly acute. I would also expect the margins on their factoring business to be adjusted (better for them, worse for retailers) which could put a further squeeze on their small and mid-sized business clientele.
This will leave a mark – we’ll have to see how bad it gets for retailers in the coming weeks and months, but being right in front of the holidays it cannot be a welcome development.
Stocks tumbled Friday, more than erasing the previous session’s gains, as investors dumped a variety of shares at the end of a rough week and choppy month on Wall Street.
Nine subsidiaries of FBOP Corp., a multistate holding company that included California National Bank of Los Angeles, succumbed Friday to the nationwide banking crisis, bringing to 115 the number of banks closed by regulators so far this year.
Economic growth and job creation remain the government’s top priority, despite a federal deficit that is “too high,” Treasury Secretary Timothy Geithner said in an interview broadcast Sunday.
