"You won't believe where that $700-billion bailout figure came from" - Why not 4 Trillion? (Congress, spokeswoman)

[walidm]

You know where that very important $700-billion figure came from?
Here's a quote from that Forbes story:
"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."

SOURCE

Hmm....Perhaps the number should have been larger?

[dugdogmaster]

Benanke himself stated it may not even come close to 700billion

[bbkaren]

Then we shouldn't be doing it...

It is hard to believe how mickey mouse we run things in our govt.

[paperhouse]

The Fed doesn't need this bailout. I'm not sure why they even bothered. This is a political ploy to make us think Congress has some control over the Central Bank.

Bloomberg.com: Worldwide

[walidm]

US Seals Bailout Deal - WSJ


More to come, I'm certain....

Pivotal Point

At a pivotal point Saturday afternoon, Mr. Paulson met with lawmakers and argued over whether the funds would come in one tranche or in installments. "Damn it, if you think you need $700 billion right away you better tell us," Democratic Sen. Charles Schumer of New York told the Treasury secretary, according to two people familiar with the matter.




"I'm doing this for you as much as for me," Mr. Paulson shot back. "If we don't do this, it's coming down on all our heads."

[saganista]

Originally Posted by bbkaren

Then we shouldn't be doing it...It is hard to believe how mickey mouse we run things in our govt.

Hmmm. Maybe we could discuss what the credit limit on your MasteerCard should be. The concept isn't much different from what we have here...

[GregW]

700 billion or 70 trillion. Who cares it will not get paid back anyway. In this system promises to pay money back are never kept. Only new loans are made. This is Loan Sharking but without the goons collecting the interest. Until now.

[lobodog]

All money, is borrowed into circulation with interest added. It can never be paid!