“Trillion is the new billion.”
WASHINGTON DC – In Obama’s weekly radio address he said,
To restore the availability of affordable loans for families and businesses — not just banks — we are taking steps to restart the flow of credit and stabilize the financial markets. On Thursday, the Treasury Department and the Federal Reserve launched the Consumer and Business Lending Initiative — a plan that will generate up to a trillion dollars (italics mine) of new lending so that families can finance a car or college education — and small businesses can raise the capital that will create jobs.
Where is this money coming from? Is this the Consumer and Business Lending Initiative, or the Consumer and Business Print the Money We Can’t Borrow From China Initiative?