Posted on 03/03/2009 4:53:44 PM PST by Lady GOP
WASHINGTON (AFP) – US authorities Tuesday formally launched a program designed to pump 200 billion dollars into consumer credit through the purchase of securities linked to various loans.
The program, which could be boosted up to one trillion dollars, aims to break a credit crunch by buying up asset-backed securities linked to credit cards, auto loans and other types of consumer credit.
Called the Term Asset-Backed Securities Loan Facility (TALF), the program is designed "to catalyze" credit markets that have been "virtually shuttered since the worsening of the financial crisis in October," according to a joint Treasury and Federal Reserve statement.
The program aims to jump-start lending in key areas for consumers and small businesses, and could ease the credit crunch that is choking off economic activity, officials said.
"By reopening these markets, the TALF will assist lenders in meeting the borrowing needs of consumers and small businesses, helping to stimulate the broader economy," the statement said.
Ryan Sweet at Economy.com said the program could help.
"The TALF is another effort to unclog credit markets, lower interest rates, and resume the flow of credit," he said.
(Excerpt) Read more at news.yahoo.com ...
All I can say to this insanity is...YO HO HO AND A BOTTLE OF RUM!
If people are smart, they will swear off credit and help Obama fail.
No thanks, I will not charge a single penny until this bozo is out of office!!
Spend, spend, spend...just like we do.
FED tries to blow the credit bubble bigger.
TARP, STIM, TILF whats next?? TILT??
What are they going to do? Use the amount everyone receives from unemployment insurance to jack up their credit rating? What a bunch of jackasses.
I realize this is a silly comment but why would a headline have “200 bln dlr” when it could just have “$200 B” and we’d know what it meant and it actually makes more sense and uses less characters?
Just wondering. Meanwhile, haven’t seen any fashion alerts lately on our fashionista first lady.
i.e. Pushing on a string.
Yep. That’s about what happened all right.
It should be termed PTS or Pushing The String.
I don’t want credit. I need $$$ to pay down debt. They won’t give me that.
They don’t get it. It’s over. Or maybe they do. This is money to cover deadbeats.
You got it! The S&P fell through 700 today. Bad news. 700 was the trap door on the gallows. Get what cash you can get NOW!. Look. We are going to be fighting in the streets soon. Obama and friends are COMMUNISTS> Hello.
Good one.
Yep! I am chomping at the bits to get my loan! /s
They are reluctant to loan because they were forced to make loans in the past to people who did not qualify and defaulted on them. Now they are not taking risks and in this type of economy why should they. People are also not interested in making risky moves at this time; at least less now than they were in the past.
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