November 2, 2009 Breaking down the markets with Barry Armstrong Play video

(NECN) - A lot of major financial news in the past few days.

Federal aid wasn't enough to save CIT Group.

The lender has filed for bankruptcy protection.

The move deals a blow to thousands of small and mid sized businesses that borrow from CIT.

And it likely means the federal government is out the $2.3 billion it sunk into the bank.

The company hopes to emerge from bankruptcy by year's end.

Joining us now to break it all down is Barry Armstrong.

Barry is the host of Money Matters on WBIX and financial adviser for Securities America.