DOES THIS MOVE MEAN THAT HOPE MAY BE REPLACED WITH ACTION? THIS BREAKING NEWS SOUNDS LIKE A BREAK IN THE STORM...WILL IT LEAD US TO A RECOVERY? SEE WHAT THE EXPERTS THINK...
By Jeannine Aversa/AP Economics Writer
"The Federal Reserve on Tuesday rolled out a much-awaited program aimed at boosting the availability of credit to consumers and small businesses.
The Fed will lend up to $200 billion to spur consumer lending — for autos, education, credit cards and other consumer debt. The money will be used to provide financing to investors to buy up the debt.
The bold program, dubbed the Term Asset-Backed Securities Loan Facility, was first announced late last year and originally scheduled to start in February.
Participants — companies and investors that pledge eligible collateral to back the loan — must request the new government loans by March 17. The Fed will provide the three-year loans on March 25.
The Fed said the program has the potential to generate up to $1 trillion of lending for businesses and households."
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AFP/File photo – The US Federal Reserve Building as seen from the air over Washington, DC.
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