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Re-activateWith a flood of bad news confronting everyone from Wall Street to Main Street, President Barack Obama offered some "plain talk" about the economy, telling the American people that, while times are bad, the U.S. government is working toward solutions.
A portion of the president's remarks at the Department of Transportation this morning:
The "Consumer and Business Lending Initiative" is the renamed Term Asset-Backed Securities Loan Facility, or TALF, program. It has the potential to generate up to $1 trillion of lending for businesses and households, according to the Federal Reserve.
The Fed and the Treasury Department announced today that an initial $200 billion will be put into secondary credit markets under the plan.
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