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kentuck Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-21-08 05:03 PM
Original message
Study this "quote" very carefully...
But Paulson acknowledged he does not know what the cost ultimately will be. "We can't determine what the cost is today," he conceded.
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If they cannot determine what the cost would be today, where did they come up with the number $700 billion???????? Why not $100 billion? Or how about $1 trillion? This is a spit in the face of the American people. It appears to be a number pulled out of a hat? It would be foolish for the Congress to give these liars a penny without proof of where it is going to be spent. This is so disrespectful of our people and our system of government. I am so skeptical of this so-called "plan"...

http://www.washingtonpost.com/wp-dyn/content/article/2008/09/21/AR2008092100169.html
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BlooInBloo Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-21-08 05:03 PM
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1. The cost changes as housing prices change.
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Vincardog Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-21-08 05:08 PM
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2. I bet it never goes DOWN
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CoffeeCat Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-21-08 05:13 PM
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3. They can't define a fixed cost...
...because the government is purchasing these toxic assets and bad mortgages--and right now, Washington
has no idea what this stuff is worth.

Guess what, though? Wall Street gets to name their price. They've got all of the paper, and they'll
be sending us a bill, very soon.

Insane, isn't it?

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phantom power Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-21-08 05:22 PM
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4. We can be sure of one thing: Wall Street is sure it's worth less than $700 billion.
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BumRushDaShow Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-21-08 05:25 PM
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5. Anyone remember just over a year ago when France's largest bank - BNP Paribas SA
halted withdrawals because it couldn't accurately evaluate what its net worth was due to these same "toxic" mortgages that it held? It took a year for it to right itself:

http://www.bloomberg.com/apps/news?pid=20601087&sid=acKmaClsgHeg&refer=home

This country needs to take the time as well to evaluate its holdings rather than do the shot-gun, cowboy style, shoot from the hip nonsense that may make matters even worse.
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