Another Attempt, but with an upgrade...

Previous bailouts have been in the Billions. Now, government is focusing on a plan that can has the potential to amount to a Trillion dollars (read: $1,000,000,000,000.00) to remove "toxic assets" (many of them bad mortgage investments) from the banks' balance sheets.

"The program will rely heavily on private investors, such as hedge funds and private-equity firms, to buy up $500 billion to $1 trillion of assets with the government providing incentives such as low interest loans and sharing in both the risk and possible profits." -ABC News Article

This would, in theory, allow banks to stabilize and free up credit, thus allowing banks to once again start lending money. It's actually a rather complicated plan and I doubt my ability to explain it properly, so clicking the title of this blog post should redirect you to the article I'm reading and a more thorough explanation of this plan.

As for Obama...well, Obama is in full support of this plan.
Here are a few quotes from our President concerning this new plan...

"glimmers of hope in the housing market,"
"one more critical element"
"I'm very confident that... we're going to be able to make it happen."

While this is one of Obama's (read: the hero's) latest stratagems to fight off the economic crisis (read: the villain), it certainly is not the last. According this article I'm reading (again, clicking the title of this blog post would redirect you there), Congress will tomorrow begin to lay out plans to increase its regulation of Wall Street so that this economic tension we're currently experiencing will never happen again.