Chief Economist Romer Defends Obama
AP: A top adviser to President Barack Obama says the government plans to leverage $100 billion to ease the fallout on the nation's financial system from banks' bad assets.
Christina Romer says the money would be used along with private investments and help from the Federal Reserve to buy hundreds of billions in questionable debts on bank balance sheets. The goal is to thaw the frozen credit system and get lending going again.
AP: Romer says $100 billion for toxic assets
