This is no different from every other institution in the banking sector. Not knowing what the gov't will let you do, to what extent and with what oversight banks are reluctant to invest, make loans they would normally make or put capital at risk of any kind, even in well researched endeavors. This hits CF especially hard as its core business is in a good economic marketplace, Texas, that is holding up far better than the country in general. Lehman, Bear, CS and JPMChase killed CF's opportunities in more ways than we could possibly know.