[url=http://thinkprogress.org/2008/09/24/treasury-large-number/#comments]Treasury explains how it came up with $700 billion: We just wanted ‘a really large number.’Filed Under: Economy
By Amanda at 9:20 pm Treasury explains how it came up with $700 billion: We just wanted ‘a really large number[/url]

Forbes writes on part of the reason that the American public is so skeptical of the Bush administration’s bailout proposal:

In fact, some of the most basic details, including the $700 billion figure Treasury would use to buy up bad debt, are fuzzy.

“It’s not based on any particular data point,” a Treasury spokeswoman told Forbes.com Tuesday. “We just wanted to choose a really large number.”

Absolutely absurd! A very large number and, originally, no oversight.

Add me to the 44% (vs. 37%) who oppose the Bush bailout. I like the Schumer plan -- "$150 billion at a time", if we can't get away with giving next to nothing at all.

And I like the Dodd comment: "I'm not about to give a $700 billion appropriation to a secretary I don't know yet ...".

Wow, you know what makes me feel great?...they are freaking stupid enough to admit that they are stupid.

Yeah, I'm super comfortable with all of this. Good thing I'm a multi- billionaire and unaffected by all of this trifling shit.

This is an interesting situation. Since we know that the U.S does not have the funds to support this endevor, who are they going to borrow this 700 billion from..(So they say. From what I have read, in the end it will be into the trillions.)

Will they just print up the money? Hyper inflation anyone?

Those who are fortunate enough to work will have to spend their whole check to pick up a loaf of bread?

I'm sure the military will pay well...make sure that people are able to eat. Have to keep the wars going dont we.




China banks told to halt lending to US banks-SCMP

http://www.reuters.com/article/marketsNews/idUSPEK16693720080925