When there is no lending, families cannot buy homes and cars. And economy suffers more, Obama said.
Restart of lending in the nation is a must. The federal government will provide for:
Creation of lending fund to consumers and entrepreneurs to spend. That's new.
Creation of housing plan for people threatened with foreclosure. Still controversial. President said he gets it concerning popular protest about rewarding bad behavior.
Creation of plan to help banks lend more money. Still controversial with no specifics. Obama says more money than $700 billion already committed will be needed for banks.
Obama unduly criticized investors' lack of confidence in his plans. All they want is specifics; he did not provide any.
President claimed his plan is to help people, not banks. Unconvincing. Bad assets in these banks are a black hole. Treasury has yet to say how it will grade bank assets.
Again, Obama lacks specifics. That's big.
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