Treasury explains how it came up with $700 billion: We just wanted ‘a really large number.’

[ProSense]

Treasury explains how it came up with $700 billion: We just wanted ‘a really large number.’

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.”

Bush, worst stupidest president ever.

[RoccoR5955]

1. In other words, they pulled it out of their keister! n/t

[valerief]

4. How the hell did they get it around their heads?

[BuyingThyme]

2. Well, they're right.

I mean, what if they said, like, seven hundred dollars?

That would have been silly.

[Bjorn Against]

3. Wow. I hope this gets a lot of attention.

This is the "party of fiscal responsibility" for you.

[karynnj]

5. Well, now that really builds confidence doesn't it

They had access to top economists and analysts and supposedly spent 4 months working on this 2 page report - that they wanted blessed and passed with no changes and they got the number because they liked the sound of it?

I never thought to try that in any math or econ class I had.

[MissWaverly]

6. I have 700 billion reasons for not supporting it

the first one is that they are dishonest and have never been right about anything.

[Dj13Francis]

10. not to nitpick, but...

that was two reasons, and you've got 699,999,999,998 reasons to go...

[MissWaverly]

17. okay, I have to go with those two

but I think they are very valid reasons.

:-)

[avaistheone1]

7. No wonder Paulsen rang up over $100 billion dollars in debt when he was at Goldman Sachs.

Paulsen sounds about as sophisticated with money and numbers as my 5 year-old nephew.

Secretary Paulsen's plan for this money is only 2 pages, and too say it is half-baked gives far too much credit.

[MissWaverly]

18. 2 pages, my high school term paper had to be 11 pages

well, why should they put the effort into it when they can always intimidate and frighten people into rubber stamping their bills.

[tanyev]

8. Oh, for fuck's sake.

:banghead:

[Starry Messenger]

9. They finally figured out how many is a

brazilian.

[Barack_America]

11. Unbelievable.

Seriously.

They're even incompetent at begging.

[yodermon]

12. So they pulled it out of their ass to shove it up Ours!

Peachy!

[dansolo]

13. Where are the photoshops of Paulson's head on Dr. Evil's body?

"We hold the world ransom for ... 700 billion dollars."

[Generator]

14. Well they made up an enemy in Iraq and are still

selling that one. It's so easy just to pull shit out of your ass if you have the media and fear on your side. What a country. It never ceases to stun in it's stupidity.

[ContinentalOp]

15. This is the final nail in the coffin. The Onion is now truly obsolete.

Goodbye satire, hello bizarro nightmare world.

[OmmmSweetOmmm]

16. I watched both the Senate and House Hearings and I keept waiting for someone to ask that question..

where did they get that 700 Billion from. Unless I missed it on a bathroom break, not one person asked that question.

[vanderBeth]

19. I weep for humanity.

:banghead:

[Aloha Spirit]

20. We are screwn.

[youthere]

21. They couldn't figure out how many zero's in a Brazillion.

[MadrasT]

22. That's it. I'm speechless. n/t