February 10th, 2009
10:28 AM ET
9 years ago

$1 trillion bid to boost lending

NEW YORK (CNNMoney.com) - The Obama administration is set to announce a $1 trillion program aimed at revitalizing lending to consumers and businesses.

The Federal Reserve program expands on a $200 billion initiative unveiled in November to lend money to investors to purchase securities backed by debt such as credit cards and auto, student and small business loans. The initiative, called the Term Asset-Backed Securities Loan Facility (TALF), was to have started this month.

The program now will reportedly also cover securities backed by commercial real estate mortgages, another troubled sector.

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Filed under: Obama administration
soundoff (36 Responses)
  1. Mari

    We MUST get the banks lending, especially to small businesses!

    @ Evan Caruther:

    EVAN....... what you far-right people do not get IS that our Nation was BANKRUPT BY BUSH.

    FACT: Bush **** DOUBLED**** the National debt!

    FACT: When Bush came into Office in 2001, Clinton had left a BALANCED Budget, Budget SURPLUS, and had PAID DOWN the National Debt to $5.5 TRILLION!!


    February 10, 2009 12:21 pm at 12:21 pm |
  2. Andrew

    Why don't we let the first stimulus go out and finish of the remaining funds from TARP before we dive into yet another spending spree.

    February 10, 2009 12:24 pm at 12:24 pm |
  3. Mike in Columbus

    S Callahan, Evan Caruthers,

    Two of the funniest posts I have ever read here... Thank you!!!
    It is posts like that the two of yours that keep me coming back here for a good chuckle!

    Does the theme to X-Files play continuously in your heads?

    February 10, 2009 12:40 pm at 12:40 pm |
  4. Jim

    I am truly glad I am in the latter years of my life. The only problem I have is all these issues will have to be paid for by my grandkids and greatgrandkids.

    This country is in such a disarray and the only way it will come back together is to raise The Lord our God back to his position of first and foremost and get back to the principles this country was founded on.

    We are destroying ourselves from within and continue to split this nation apart with immigration (illegal and legal), the catering to special interest groups instead of the majority.

    This is something we the people have allowed to happen, myself included. We chased the dollar and allowed satan to take over. Only when we come back to the Lord will our problems be solved.

    February 10, 2009 12:41 pm at 12:41 pm |
  5. The lonely Libertarian of Liverpool

    I'm confused is this part of bailout III or is it the first part of bailout IV?

    February 10, 2009 12:42 pm at 12:42 pm |
  6. Tom

    Let the banks FAIL! Other, more "honest" banking will replace them.

    February 10, 2009 12:45 pm at 12:45 pm |
  7. NY republican

    Thats right – Bush doubled the National Debt, so that makes it perfectly alright for Obama to double or triple it again. It must stop somewhere (yet another falling campaign promise and in less than a month?).
    At least I'm beginnig to see some Obama supporters waking up but "disillusioned" it's not taxpayers money, they are borrowing it all. It's all being postponed until the "tax credits" are handed out.

    February 10, 2009 02:01 pm at 2:01 pm |
  8. Jm in PA

    Keep blaming Bush.....go ahead. Somehow this "stimulus" bill will be his fault, even though he is in Crawford.

    We cannot and SHOULD NOT keep throwing money at the economy. We can't keep printing and printing more money. When are you people going to understand?

    February 10, 2009 02:10 pm at 2:10 pm |
  9. Amazed

    Evan and those like him –

    You really should sit down and be quiet. You have no clue what you are talking about and are still just with your little pink panties in a wad because your beloved crooks did not steal yet another election. You don't know what they are doing, you cannot see the issues past your own lengthy noses. Grow up, behave yourselves and stuff a sock in it. Give the new administration more than – what, two weeks? – to try to fix the horrible mess that your greedy doofus W and his henchmen put us into. You haven't the education to come up with rational and defensible approaches to solving the issues yourself so let your betters try.

    February 10, 2009 02:11 pm at 2:11 pm |
  10. Rick Sutter

    The lazy and the guilty (rich, white guilt) want Obama's plan. Self-reliant people with brains no where this is headed.

    February 10, 2009 03:14 pm at 3:14 pm |
  11. Andy

    Jeez what a mistake of putting Obama in power thanks a lot.

    February 11, 2009 12:11 am at 12:11 am |
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