Obama attempts to loosen credit

President Barack Obama freed billions of dollars to help the nation's small businesses on Monday, hoping to get credit flowing again to Main Street, not just Wall Street. The centerpiece of Obama's latest plan will allow the government to spend up to $15 billion to buy the small business loans that are now hurting community banks and lenders. In turn, could allow those banks to start lending money again to small companies to invest pay bills and stay afloat. Obama's effort at one level was fundamental to helping the economy rebound. Small businesses have created about 70 percent of the new jobs over the past decade and as their credit lines have dried up so has their ability to thrive or survive. There was also a political component to all the attention the president gave to small businesses. The White House is aware of the nation's bailout fatigue hundreds of billions of taxpayer dollars have gone to go up financial giants who made poor decisions while many others who have done no wrong have paid the price. Obama's primary focus was on leaders of small companies and community lenders. He met with some privately in the White House's Roosevelt Room and cited their stories as inspiration as he announced his details in the East Room.