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CIT Gets Shut Out Of Commercial Paper Market

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OMG! You guys! CIT totally had to borrow from emergency credit lines provided by (we're told) three banks! Its shares and bonds promptly took a nosedive. The company found itself unable to borrow by issuing commercial paper after a ratings downgrade.
So wait! Dods this mean maybe the whole credit crunch thing isn't over? But didn't the President told us he's an "optimistic fellow?" How can we still be in trouble? It's too, too terrifying to think about. Let's go back to thinking about how wonderful Barack Obama's speech on race made all of us feel.
Related: CIT was founded 100 years ago this year.
CIT Taps $7.3 Billion of Bank Lines Amid 'Disruption' [Bloomberg]