Lending Giant CIT Group has filed for bankruptcy protection on Sunday in New york. Jeffrey M. Peek, chairman and CEO said " The decision to proceed with our plan of reorganization will allow CIT to continue to provide funding to our small business and middle market customers, two sectors that remain vitally important to the U.S. economy".

 CIT which has borrowed more than 4 billion dollars from the US government or the tex payers , will end up not paying us back more than 2.3 billion dollars . 

CIT one of the biggest corporations in the country's history to file bankruptcy in this matter . 

Did the government not know that the bail out is just a waist of money did they not heed to the warnings of Peter Sheft which said to let them fail ? It is still unclear what this will mean for most Americans and how it will effect the small business and the retail businesses. 

Just on Friday the Government came out with some amazing figured and said that we are in a recovery and all the media said that the 'Great Depression" was over ? How silly of them . 

If you are an investor, you probably  suspected that this was coming .

Tomorrow ,the Markets will have a very bad day-- I feel.

 I hope this will not be the day of economic domino effect. Just pray that this is not the last Recession this Country will see.