These “toxic” assets are causing the banks being unable to lend money to Americans in need of funds for small business owners, college tuitions, car loans and anything else one might need to borrow money for.

“Toxic” assets are largely sub prime mortgage loans that are not going to be repaid as the homeowners cannot meet the payments or the value of the homes has dropped below the value of the mortgage and credit card debt that is also going unpaid because of high interest rates and the difficult circumstances most Americans finds themselves in due to the global economic crisis.

Treasury Secretary Tim Geithner has announced today a new plan whereby the government partners with big investors to buy these “toxic” assets and get them off the bank’s books and get money moving again to Main Street. (more…)