this sounded like some good news...
Fed launches new $200B consumer credit program
WASHINGTON – 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 things. 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.
...
Under the program, the Fed will buy securities backed by different types of debt including credit card, auto, student and small business loans. The credit crunch — the worst since the 1930s — has made it much more difficult for people to obtain such financing , and those that do can be socked with high rates.
http://news.yahoo.com/s/ap/20090303/ap_on_bi_ge/fed_consumer_credit_8
And what happens in 3 years when people can't pay that any more than they can pay their current mortgages, car loans, & credit cards?
We'll have yet another crisis on our hands. I'm sure the government will attempt to intervene in THAT crisis too. However, they won't admit their folly in lending to people who do NOT need the money and cannot afford to pay it back.
This is BAD news. People need to STOP borrowing and start paying cash NOT borrow more money...and from ME no less!
Absolutely NOT!
I'm already paying for a failing school system which we don't utilize, failed government programs that are overused and abused, and bailouts that I don't agee with and don't think should have been passed in the first place to help millionaires and billionaires who have more money than I could ever think of having (because I'm paying to rescue them). I'm done!
Amy
*Scratches head*
Why is this GOOD news?
Where is this money coming from? The magical US money tree? OH! Great news! All our money troubles are over now!!!
Quoting moneysaver6:
And what happens in 3 years when people can't pay that any more than they can pay their current mortgages, car loans, & credit cards?
We'll have yet another crisis on our hands. I'm sure the government will attempt to intervene in THAT crisis too. However, they won't admit their folly in lending to people who do NOT need the money and cannot afford to pay it back.
This is BAD news. People need to STOP borrowing and start paying cash NOT borrow more money...and from ME no less!
Absolutely NOT!
I'm already paying for a failing school system which we don't utilize, failed government programs that are overused and abused, and bailouts that I don't agee with and don't think should have been passed in the first place to help millionaires and billionaires who have more money than I could ever think of having (because I'm paying to rescue them). I'm done!
Amy
My thoughts exactly!
Amy
Quoting anxiousschk:
*Scratches head*
Why is this GOOD news?
Where is this money coming from? The magical US money tree? OH! Great news! All our money troubles are over now!!!
Perhaps someone should tell the Fed that just because PAPER comes from trees doesn't mean that money is growing on those same trees. I think perhaps they're confused.
Amy
Quoting Eilish:
Well paper comes from trees ... maybe we can blame the Federal Reserve for global warming.
Are you kidding me? The FED knows exactly what its doing because they make money off of their "loaned" paper IOUs. They are forcing the collapse of our economy in order institute a global currency and have control of a much larger market.
Quoting moneysaver6:
Perhaps someone should tell the Fed that just because PAPER comes from trees doesn't mean that money is growing on those same trees. I think perhaps they're confused.
Amy
Quoting Eilish:
Well paper comes from trees ... maybe we can blame the Federal Reserve for global warming.
Holy Cannibalism, Bat Man: Liberals Are Eating Liberals
Would you go topless if you could?
- dr_m
on Mar. 3, 2009 at 10:46 AM