CIT is drawing on its bank lines…….to the tune of $7 billion. No worries – it’s just the economy “turning down sharply.” CIT’s 52-week high is $61/share, and now it’s under $10/share.

“No, No, No, Don’t move your money from Bear, that is being silly, don’t be silly, Bear Stearns is fine, Bear Stearns is not in trouble…”