"We just wanted to choose a really large number"

[Fireweed247]

:wtf:

Treasury Pulled the Number Out of Thin Air

You know the $700 billion price tag of the proposed bailout? Treasury pulled that number out of thin air.

As Forbes writes:

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."

http://georgewashington2.blogspot.com/2008/09/treasury-says-700-billion-is-not-based.html

[TexasLawyer]

1. $700 billion is just the appetizer course

The bailout is actually unlimited.

Check out the fine print-- the last 5 words of Section 6:

'The Secretary's authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time.'"

[Fireweed247]

3. unbelievable!!

But hey, why not? They have been looting the nation continuously since Bush took office, who is going to stop them? No one complained about the trillions lost that Rumsfeld announced on 9/10/01.

[Indenturedebtor]

2. LOL Heres the spycam video from that treasury meeting

http://www.youtube.com/watch?v=jTmXHvGZiSY&feature=related

:rofl:

[Spike from MN]

5. LOL!

Good one!

[Fireweed247]

6. exactly

:rofl:

[Indenturedebtor]

8. Dr Evil even looks like Paulson :D n/t

[Spike from MN]

4. "Thin air" is being way too nice.

They pulled it out of their ass.

I'll have to remember that when I do my taxes next year. I won't give them any information at all and just leave the whole form blank except for putting in a "really large number" on the line for "amount you would like refunded to you."

[EOTE]

7. We should all be very thankful.

They could have asked for a kajillion dollars instead. Then we'd be really fucked.

[Winterblues]

9. It has always been the policy of law makers and government officials

to choose the high end of whatever they were pushing at the time and after debate settle for something less and everyone would be happy. What has happened with the Bush* Administration is they followed that familiar pattern but no one ever debated it and just gave in to what was first requested. Republicans were euphoric over this turn of events. Bush* got everything they wanted time and time again plus. I am not sure if that will continue to be the case but Democrats are still scared of their shadow so who knows..1994 scared the holy shit out of Democrats and they are still not over it.