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Treasury to help industry, dealers

by David Zatz on

Treasury Secretary Timothy Geithner declared that the U.S. would spend up to $1 trillion to boost consumer credit, including car loans and inventory financing for dealers. Geithner noted that the approach of spending money to boost banks had not had the desired effects on the greater economy. 

The new effort is similar in principal to one announced by the Bush administration in November, which was never implemented. It is titled Term Asset-Backed Securities Loan Facility, (TALF), and is intended to rejuvenate loans for citizens by unfreezing the “secondary market” for loan-backed securities.

Geithner also noted that the $700 billion TARP fund would be overhauled and possibly renamed. TARP was the source of nearly $25 billion in aid to GM, GMAC, Chrysler, and Chrysler Financial.

David Zatz founded Allpar in 1998 (based on a site he had begun in 1993-94), after years of writing reviews for retail trades. He has been quoted by the New York Times, the Daily Telegraph, the Detroit News, and USA Today. Before making Allpar a full-time career, he was a consultant in organizational psychology. You can reach him by using our contact form (much preferred) or by calling (313) 766-2304

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