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

[babylonsister]

http://thinkprogress.org/2008/09/24/treasury-large-number/

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.”

[Solly Mack]

1. Oh..well then. That makes it ever so much better

[Matariki]

2. omg. Just a big ass cash grab before the party's over?

[babylonsister]

20. I do think that's what they were attempting. nt

[magellan]

3. Duh. And they made it even larger by tacking on "at any one time".

Their greed is limitless and so is this bailout.

[babylonsister]

23. 'Their greed' could be stopped pretty soon. nt

[magellan]

26. I hope you're right

BTW, my "Duh" wasn't to you, babylonsister. Too often the obvious stupidity at work just defies words. "Duh" sums up my feelings about this entire fiasco so far....

[kenny blankenship]

4. Would you feel better if they admitted they have no idea what it will ultimately take?

And that 700 billion is just the beginning?

[babylonsister]

15. No, I'd feel better if they didn't bullshit us and tell us the truth for a

change. Why is that too much to ask?

How about 'we're in trouble, here's why, and we need help.'

[guruoo]

5. The Onion, right?

[morillon]

7. Nope, Forbes.

http://www.forbes.com/home/2008/09/23/bailout-paulson-congress-biz-beltway-cx_jz_bw_0923bailout.html

[SammyWinstonJack]

6. So Treasury Sec Mr Goldman Sac wants us to just hand over 700 billion because he wants a really

large #? :rofl:

[babylonsister]

21. Can you even believe this? W.T.F.? nt

[Junkdrawer]

8. There's just over 700 Billion in credit card debt....

Interesting coincidence on that $700 billion figure, huh?

PDF Here:

http://www.americanprogress.org/issues/2008/02/pdf/house_of_cards.pdf

Both Bush's and Dodd's plans allow Paulson to buy credit card debt. And if they do, forget about getting the $700 billion back.

[babylonsister]

22. This kind of stuff I don't get, seriously. I think we all need some

lessons on this part of the supposed 'fix'.

[NoUsername]

9. Thanks for that info.

I'll use that same method of calculation to figure out how much taxes I should get back next year.

[varelse]

10. I had to go to the Forbes link and read that article twice before

I could really believe this was not a spoof of some kind. Now, I'm just in shock. Not only at the fact that they actually did pull that number out of... I'll be nice and use the expression "thin air", but the fact that a Treasury dept spokesperson would casually let that slip to Forbes.com. They didn't even bother to come up with a cover story or cook up some "facts" to explain this?

Damn. We must really look like easy marks :(

[babylonsister]

16. As Obama has said, they think we're stupid.

Granted, he was talking about McSame, but that surely has applied to this admin and their cronies.

[Patsy Stone]

11. My take on that little three page paper

has been the same from the beginning: Paulson didn't want to waste time crafting something intricate which would be ripped apart anyway, so he asked for the moon, knowing they probably wouldn't get it, but covering everything and more if they happened to get lucky.

[babylonsister]

17. I have a different problem. This admin knew they'd be filing

this bailout plan months ago. Why did they wait if it's so crucial (now)? And why was their plan so flimsy if they had every intention of doing this for months?
I think they thought it could breeze through, no one would make any waves due to the timing, pre-election.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x7156244

[Patsy Stone]

18. Plan B

I think they were hoping like hell the house of cards would stand until January 19th and they could get out of there with the sacks of loot they already stole and hit the beach in Fiji.

[babylonsister]

24. That honestly never occurred to me. Hmmm. Makes sense, sadly. nt

[babylonsister]

25. That honestly never occurred to me. Hmmm. Makes sense, sadly. nt

[FedUpWithIt All]

12. ...

:rofl: :cry: :rofl: :cry: :rofl: :cry: :rofl: :cry: :rofl: :cry: :rofl: :cry: :rofl: :cry: :rofl: :cry: :rofl: :cry: :rofl: :cry:


:scared:

[varelse]

13. by the way, has anyone seen this poll on msnbc?

Agree or Disagree: Friday's presidential debate should be postponed so the candidates can focus on the economy

166,753 votes, 70.8% strongly disagree with postponing the debate, and the comments... wow

[bdamomma]

14. done

just like us if that bailout bill is passed.

[Prisoner_Number_Six]

19. It has to be big enough to cover all the golden parachutes

My guess is that figure is actually gonna be a wee bit too low for that task... :shrug: