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Old 10-02-2008, 12:01 PM
 
709 posts, read 1,978,403 times
Reputation: 294

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I would like to know where did the original 700 billion figure come from? I know it is currently higher as it just passed to Senate this morning, I have been unable to find out how Mr. Bush came up with that number. I would also like to know who we are bailing out... not too many major banks left in the game.
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Old 10-02-2008, 12:10 PM
 
Location: Wilmington, NC
8,575 posts, read 6,354,022 times
Reputation: 835
the original number was before the bill was "porked up."
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Old 10-02-2008, 12:39 PM
 
Location: DC Area, for now
3,517 posts, read 12,050,963 times
Reputation: 2141
Henry Paulson came up with it and has admitted it came from out of his behind and is likely too small a figure. They have given no actual scenario or logic for why this will work and how it will address the problmes.

They've also made statements that they have been working on this plan for months. That certainly begs the question of "say what?" Talk about fiddling while Rome burns...
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Old 10-02-2008, 12:41 PM
 
709 posts, read 1,978,403 times
Reputation: 294
Quote:
Originally Posted by Tesaje View Post
Henry Paulson came up with it and has admitted it came from out of his behind and is likely too small a figure. They have given no actual scenario or logic for why this will work and how it will address the problmes.

They've also made statements that they have been working on this plan for months. That certainly begs the question of "say what?" Talk about fiddling while Rome burns...
That is what I was afraid of...
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Old 10-02-2008, 12:43 PM
 
709 posts, read 1,978,403 times
Reputation: 294
Quote:
Originally Posted by Tesaje View Post
Henry Paulson came up with it and has admitted it came from out of his behind and is likely too small a figure. They have given no actual scenario or logic for why this will work and how it will address the problmes.

They've also made statements that they have been working on this plan for months. That certainly begs the question of "say what?" Talk about fiddling while Rome burns...
Haha! But months ago we were only in a "mental" recession according to our great George Dubyah Bush! I love being lied to!
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Old 10-02-2008, 03:31 PM
 
Location: Far Western KY
1,833 posts, read 5,869,730 times
Reputation: 848
Where did they get the number?
In true Washington fashion they gave a monkey a calculator and after a few pecks on the keys it got a banana and we got screwed.
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Old 10-02-2008, 03:50 PM
 
Location: Great State of Texas
86,093 posts, read 72,498,448 times
Reputation: 27565
What do you think would have happened if they asked for $24 trillion ?

The 700 billion is big but it's open ended..that is they can funnel as much as they want through this bill but only have 700 billion on the books at any one time.

Very akin to a money laundering scheme..bad paper goes in and good paper comes out.
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Old 10-02-2008, 04:15 PM
 
Location: Albemarle, NC
7,730 posts, read 12,711,958 times
Reputation: 1505
Quote:
Originally Posted by HappyTexan View Post
What do you think would have happened if they asked for $24 trillion ?

The 700 billion is big but it's open ended..that is they can funnel as much as they want through this bill but only have 700 billion on the books at any one time.

Very akin to a money laundering scheme..bad paper goes in and good paper comes out.
The new bill is $250 billion. At any one time.

Funny how not even the so-called liberals/conservatives railing against this are talking about this. I think A) they haven't read the legislation or 2) they are in on it. And ii) it's a scam to pay back all the bad debt we sold to all the countries that have financed us. Don't forget to include the clause that allows foreign banks with US subsidiaries to be included. Sherman(D-CA) tried to change that to a US based bank. They shot it down. It's a scam unlike no other.
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