How much did you personally lose when gambling financial firm CIT went bust?
Let’s run the numbers.
- Amount Tim Geithner and Hank Paulson gave to CIT on your behalf last fall even though CIT was a dead man walking: $2.3 billion
- Number of Americans: ~300 million
- Amount of money you personally shoveled down the CIT rat hole: $8
OK, so it was only 8 bucks. But that’s before the interest you’ll pay China for borrowing that money over the next couple of decades. And we’re betting there are a few things you might rather have spent that money on.
But wasn’t the whole financial system going to collapse if you didn’t give CIT that $8? Isn’t that what Tim Geithner and Hank Paulson told you?
Well, yes, that’s what they told you.
Of course, now CIT has gone bust, and you didn’t even notice.
One thing is certain, though:
You no longer have that 8 bucks.