We just wanted a big number???? (Congress, spokeswoman, highway, companies)

[LML]

This today from Forbes Magazine....hardly a far left news source:

"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."


And this is the plan that everybody is in such a rush to pass? And these are the people you are going to believe and bet your country's treasure on?

[dugdogmaster]

I was trying to get it across to people yesterday that Bernanke stated it wouldn't cost anywhere near 700 billion, but people only see and read what they want to

[MamaBee]

Well, I think the issue is that they would have a blank check for that amount. Bernanke, Paulson and Bush didn't come to Congress with a plan indicating what the money would be used for...they just asked for a check (and you better hurry up about it too!)

[paperhouse]

Originally Posted by dugdogmaster

I was trying to get it across to people yesterday that Bernanke stated it wouldn't cost anywhere near 700 billion, but people only see and read what they want to

Can you or Bernanke give us the data that proves that? The Treasury says they don't have a data set for the amount that will be needed. Since not even the companies that currently hold these securities can value them, I'm not sure how Bernanke thinks he can. Do you have any other information other than what he has said?

[EDnurse]

Originally Posted by LML

This today from Forbes Magazine....hardly a far left news source:

"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."


And this is the plan that everybody is in such a rush to pass? And these are the people you are going to believe and bet your country's treasure on?

Yep. They haven't a clue, they just want the money for their buddies with no questions asked.

This bailout is nothing but highway robbery plain and simple.

[paperhouse]

And furthermore, we already know that the Fed will have to provide this money since few foreign investors are purchasing US treasury bonds these days. So, on top of whatever we give them, we also have to tack on the interest due for every dollar borrowed from the Fed. Now, if that ain't a racket, I don't know what is.