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Treasury, Fed Launch Term Asset-Backed Securities Loan Facility

In a press release this morning, the Department of the Treasury and the Federal Reserve Board have announced the launch of the Term Asset-Backed Securities Loan Facility (TALF). They say that "the TALF has the potential to generate up to $1 trillion of lending for businesses and households. Under the TALF, the Federal Reserve Bank of New York will lend up to $200 billion to eligible owners of certain AAA-rated ABS backed by newly and recently originated auto loans, credit card loans, student loans, and SBA-guaranteed small business loans.

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Exactly. the banks aren’t lending because they SHOULDN’T be lending right now. In most cases anyway. Yes, credit is inordinately tight right now, but US is acting like this is some kind of sin. We’ve just gone through years of excessively loose lending. Let’s have some damn balance! But no, we have to fight this correction tooth and nail. And you’re absolutely right about it being another step toward nationalization. I don’t know how long it will stave off unrest though. Guns sales have already at least doubled in most areas. to me, that’s pretty telling. People may be poor, but they’re not stupid.

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