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Obama’s toxic assets plan greeted with skepticism

Associated Press – The Obama administration’s latest plan to help banks get credit flowing again is drawing a tepid reaction from investors and academics, who say the proposal comes with too many strings attached and is unlikely to stimulate lending industrywide.

And even if banks are willing to start lending more money, they wonder if many people will be able to take on more credit until the economy gets going again.

"We went on a borrowing binge," said Hugh Johnson, chairman and chief investment officer of Johnson Illington Advisors. "Debt levels, especially in households, are too high or unmanageable."

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