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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: US launches 200 bln dlr effort to spur consumer credit AFP - Wednesday, March 4 WASHINGTON (AFP) - - US authorities Tuesday formally launched a program designed to pump 200 billion dollars into consumer credit through the purchase of securities linked to various loans. ADVERTISEMENT The program, which could be boosted up to one trillion dollars, aims to break a credit crunch by buying up asset-backed securities linked to credit cards, auto loans and other types of consumer credit. Called the Term Asset-Backed Securities Loan Facility (TALF), the program is designed "to catalyze" credit markets that have been "virtually shuttered since the worsening of the financial crisis in October," according to a joint Treasury and Federal Reserve statement. The program aims to jump-start lending in key areas for consumers and small businesses, and could ease the credit crunch that is choking off economic activity, officials said. "By reopening these markets, the TALF will assist lenders in meeting the borrowing needs of consumers and small businesses, helping to stimulate the broader economy," the statement said. Ryan Sweet at Economy.com said the program could help. "The TALF is another effort to unclog credit markets, lower interest rates, and resume the flow of credit," he said. "If the TALF works as intended, it could become the blueprint for future programs to combat the financial crisis." As the launch was announced, Federal Reserve chairman Ben Bernanke said that this and other efforts by the central bank along with a huge stimulus program should over time provide "solid gains" for the recession-plagued economy. Appearing before the Senate Budget Committee, Bernanke said the short-term economic outlook remains troubling but that the various stimulus efforts and moves to stabilize the financial system will eventually help lift activity. "Although the near-term outlook for the economy is weak, over time, a number of factors should promote the return of solid gains in economic activity in the context of low and stable inflation," he said in his prepared remarks. Bernanke said there was still considerable uncertainty about the recovery from the deep recession that began in December 2007 and has been intensifying, but pledged to continue efforts to break a credit crunch. "If financial conditions improve, the economy will be increasingly supported by fiscal and monetary stimulus, the beneficial effects of the steep decline in energy prices since last summer, and the better alignment of business inventories and final sales, as well as the increased availability of credit," he said. He noted that a 787-billion-dollar stimulus package signed into law by President Barack Obama in mid-February, which includes tax cuts aimed at stimulating spending and new investment incentives, "should provide a boost to demand and production over the next two years as well as mitigate the overall loss of employment and income that would otherwise occur." Bernanke said the authorities must remain aggressive in combating the crisis through the various stimulus and rescue efforts. "We are better off moving aggressively today to solve our economic problems," he said. "The alternative could be a prolonged episode of economic stagnation that would not only contribute to further deterioration in the fiscal situation, but would also imply lower output, employment, and incomes for an extended period." The TALF program, which was announced last November, aims to help unfreeze the so-called securitization of the securities that are issued to provide credit for auto, student, small business and credit card loans. The first disbursements will come on March 25. The Federal Reserve Bank of New York will lend up to 200 billion dollars to eligible owners of these asset-backed securities with a AAA credit rating, freeing up credit for additional loans. The TALF along with other programs are aimed at easing a squeeze in credit due to a lack of confidence in various securities tied to consumer and home loans. Email Story IM Story Printable View Blog This Recommend this article Average (2 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo The US Federal Reserve Building is seen from the air over Washington, DC. US authorities Tuesday formally launched a program designed to pump 200 billion dollars into consumer credit through the purchase of securities linked to various loans Most Popular – Top Stories Viewed Obama releases Bush-era secret terror memos Space rock gives Earth a close shave Ladyboy lizards use transvestite trickery: researchers Global stock markets dive on financial fears Wall Street sees fresh lows on financial turmoil View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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