I’m late finishing my hard copy of the Washington Post today and missed this excellent explainer by Ylan Mui and David Cho about this whole CIT bankruptcy thing that looms large.
If CIT goes under (the government so far won’t help out) it could really screw the Christmas pooch. All the stuff you see on shelves in a big-box store or in the malls? Almost certainly there on credit, and likely thanks to CIT’s ability to risk it.
UPDATE: A temp fix for CIT from creditors. Not nearly enough to sustain the holiday season, I think, but still.