February 10th, 2009
10:28 AM ET
5 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. Mahen Oza

    Nothing will work until USA Government will not impose stick import duty to bring back manufactures and stop out sourcing some % even Obama spend 1 trillion more for economic nothing will work .Our county we do not have job hear and we are give to work to other countries what a funny politicians hear we have today in usa.
    No body is talking in Congress or Senate about this change we need our managucationa and outsourcings back even it cost more then after thing will turn back for USA economic is so simple to understand

    February 10, 2009 10:56 am at 10:56 am |
  2. Fred

    Now if we can just get our elected officials to quit talking down the economy, we may come out ok.

    February 10, 2009 10:56 am at 10:56 am |
  3. Had It

    Time for me to declare bankruptcy and start over ----–

    My taxes are going to pay for people whose bad decisions put us all in debt. I'll get rid of all debt and quit. It seems to pay more.

    February 10, 2009 10:57 am at 10:57 am |
  4. Matthew, Detroit

    It did not work for Germany in 1930. It did not work for Japan in 1990. It will not work now. Going into debt to create spending does not work. You can not ever catch up with the mounting debt. The debt grows too fast and overwhelms everyone.

    California needs to cut spending on illegal aliens jobs, illegal aliens healthcare, illegal aliens education. Get rid of the illegals. If I am in debt than I cut my spending. Everyone must cut their spending. We should not create more spending programs and entitlements.

    February 10, 2009 10:58 am at 10:58 am |
  5. Ryan

    What's another trillion here or there? Anyone have any gold I can buy with the worthless paper in my wallet?

    February 10, 2009 10:58 am at 10:58 am |
  6. Scott L

    Just keep spending Dems!

    Finally Cafferty writes an article that VINDICATES Scott L for all his anti-Pelosi comments.

    Where are all you bashers now? Finally Democrats are starting to wake up.

    I've been calling this all along.

    February 10, 2009 11:02 am at 11:02 am |
  7. Matthew, Detroit

    Clinton added 1.7 trillion to the national debt. Bush added 2.5 trillion to the national debt. Barack is adding 2.1 trillion to the national debt in his first year. Great job Barack. Debt Debt Debt. Once he has us so in debt they will nationalize all our industry and take the companies. This is a huge experiment in Socialism. People will keep voting for the entitlements.

    February 10, 2009 11:02 am at 11:02 am |
  8. SUE IN CT

    I can't wait to see this. Can Obama keep his cool even under these circumstances?

    February 10, 2009 11:07 am at 11:07 am |
  9. Roy Gresham

    Obama/Pelosi/Reed/Schumer et al are surely going to bankrupt our country. How can adding trillions to the national debt fix the credit problem? That is, just who is going to pay for all this? And it's all about legislating programs that will enslave our citizens so that we cannot have a differing opinion from the federal government. Goodbye, good ole USA!.

    February 10, 2009 11:10 am at 11:10 am |
  10. The Voice

    Finally we have an administration that takes action. We've had eight years of somebody thinking Jesus is going to "bail us out" of everything.

    I guess the "right" are not use to a president taking action!

    February 10, 2009 11:11 am at 11:11 am |
  11. Andy J, Upstate NY

    Yeah, we haven't even tried spending money yet. LETS SPEND 1,000,000,000,000.00

    Oh, wait... we have already spent/guaranteed nearly 10,000,000,000,000.00 since OCTOBER.

    STOP SPENDING OUR MONEY

    STOP MORTGAGING OUR CHILDREN'S AND GRANDCHILDREN'S FUTURE.

    STOP SPENDING OUR MONEY.

    ever hear of the great depression of 1920? Nope. Why? THE GOVERNMENT LOWERED TAXES AND GOT THE HECK OUT OF THE WAY, AND WE RECOVERED.

    February 10, 2009 11:12 am at 11:12 am |
  12. southerncousin

    The folks on welfare just don't have enough SUV's and big screens that we are paying for. They need more. Keep spending.

    February 10, 2009 11:12 am at 11:12 am |
  13. Carl

    Got physical gold and silver?

    February 10, 2009 11:14 am at 11:14 am |
  14. NY republican

    I'm hearing new spending initiatives with the "T' word almost daily. I wonder where the money is coming from with so many out of work and the rest about to get "tax credits".

    February 10, 2009 11:16 am at 11:16 am |
  15. naqib

    So now we have a grand total of 1.8 Trillion dollars in the first month.

    Pretty good... took Bush 8 years and two wars to spend 4.5... Bammer should have that number blown away in his first two years.

    February 10, 2009 11:32 am at 11:32 am |
  16. Evan Caruthers

    Americans, can't you see that Obama is intentionally destroying this country so that he can be the leader of the world. Don't under-estimate his ego and intent to control everything.

    February 10, 2009 11:36 am at 11:36 am |
  17. Chris from NC

    Sounds good!!! Just make sure that those fat cats don't squander it by pocketing it for themselves.

    February 10, 2009 11:36 am at 11:36 am |
  18. R in Maine

    Do they call it theft just because they have no intention of repaying the government, but rather intend to pay it in bonuses to the rich managers who are responsible for this disaster?

    February 10, 2009 11:43 am at 11:43 am |
  19. S Callahan

    Oh my...i just choked on my coffee....lets see...trillon! Good golly Ms. Molly!

    February 10, 2009 12:02 pm at 12:02 pm |
  20. Ray Ray

    FIRST – democrats pressure banks to give high-risk loans to unqualified borrowers.

    NEXT – after they default...starting this financial crisis – Democrats want to give them MORE money.

    Time for some tough-love to people who can't manage their own money – including CEO's that bankrupt their companies.

    February 10, 2009 12:04 pm at 12:04 pm |
  21. S Callahan

    ps Evan...I don't agree 'he' is the one...but I do agree there was an agenda in place before his appointment and it is still being carried out. The only change is, It's now VERY obvious.

    February 10, 2009 12:04 pm at 12:04 pm |
  22. NEL E BELL

    ALL THIS MONEY GOING TO THE BANKS AND WE THE PEOPLE DON'T GET EVEN A NEW TOASTER WHATS UP WITH THAT BOOOOCRAP.

    February 10, 2009 12:08 pm at 12:08 pm |
  23. Venia

    Evan Caruthers – beg to differ but bush and the rethuglicans already destroyed this country. Obama inherited this staggering debt already. You must have forgotten about the war based on lies (Iraq) and the corporate bailout. Put the blame where it lies and be honest about it. And the rethuglicans were and are in such a haste to bail out the banks and now they want to hold out when it comes to bailing out middle america. Where was there outrage and opposition to the corporate bailout?????

    February 10, 2009 12:12 pm at 12:12 pm |
  24. Sniffit

    @ Evan Caruthers

    That made absolutely 100% no sense. What leverage would he have for becoming supreme ruler of the world if he destroyed the country? You people are seriously psychotic over his election. Deep breaths man...try to calm down and think rationally.

    February 10, 2009 12:18 pm at 12:18 pm |
  25. disillusioned already

    This is disgusting. Just keep shoveling the tax payers money to the same people whose greed and mismanagement got us in this mess. Give it to the taxpayers and let them decide which companies should survive.

    February 10, 2009 12:18 pm at 12:18 pm |
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