How they came up with $700 billion - Top Stocks Blog - MSN Money
 
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How they came up with $700 billion

Posted Sep 25 2008, 06:17 PM by Kim Peterson
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How did the smart minds at the Treasury decide that $700 billion was the right amount for a bailout?

"It's not based on any particular data point," a Treasury spokeswoman told Forbes.com. "We just wanted to choose a really large number."

Good to know...

(Thanks to Andrew Sullivan for the link)

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Comments

 

This is a good reason not to trust the Treasury Department for accountability of taxpayer's dollars. What else do we need to know about their decision making, and how can we get those responsible for such inaccuracies and poor judgement out of their present position permanently?

Lois Martin (Posted 09.25.08 4:40 PM) Report Abuse

We'd be better off having Beavis and Butthead in charge of our finances of this country...at least they could entertain while mishandling.

Kate (Posted 09.25.08 5:26 PM) Report Abuse

That pretty much sums up the attitude of Wall Street and the government toward the citizens who will doing the heavy lifting in this bailout.

Another Kate (ie. She Whose Ox is Being Gored) (Posted 09.25.08 5:45 PM) Report Abuse

Enough said!  The bailout is a washout for the American taxpayer and a chuckle-we-got'em-again for the Washington politicians and Big business baffoons.  If I loan someone money - are you going to pay me back.  NOT.  That is my mistake / my loss.  Let these companies lose.  Have they even said they were going to help the American people who are losing their homes?  No, they are just going to keep the rich and semi-rich pulling in their mid-level executive salaries.  This is a disgrace and calls for a boycott of taxpaying; a revolution of political and economic practices; and just a bunch more common sense than has been displayed by our idiot politicians.  And I mean every 'brand' and color.

Dan Self (Posted 09.25.08 5:51 PM) Report Abuse

You have my vote for Bevis and Butthead.  Atleast if they get us into a 700 billion dallar hole, i will believe it was a mistake, not an out right screw job.

pete (Posted 09.25.08 6:44 PM) Report Abuse

How can I get a job that allows me to lose great sums of money, pawn the bad debt off on someone else and still keep my title, my salary, my pension, my stock options (not that those are worth much anymore) and my freedom? Nice work if you can get it.

SinkofSwim (Posted 09.25.08 9:15 PM) Report Abuse

700 bullshit on the counter and 1/2 now to fix the *** on the fan.  Remarkable figures coming out of high paying gov reps. who are clueless about mortgage and how it works. We should just make a BAILOUT FOR DUMMY' hand book. People! lets just get the universal health insurance for all American and screw the bailout. What done is done.  Lets move forward.

Sung Lee (Posted 09.25.08 9:20 PM) Report Abuse

Don't forget they'll  need an extra billion or two to cover all those fancy legal fees to implement the plan!

Seeing cross-eyed (Posted 09.25.08 9:22 PM) Report Abuse

Look at how Congress is bailing out the people in Texas that were hammered by IKE.  Congress expects their neighbors to bail them out and congress does not even provide as much as a bucket for them.  When it comes to bailing out investment bankers and insurance companies, lets get out a big credit card fully supported by taxpayers and literally bankrupting America.  I hope that foreign travel is not in your plans because the value of a dollar will cost you after this.  Just read an article about the new penny coming out, why?

Marty (Posted 09.25.08 9:26 PM) Report Abuse

WE the People....Need to take control of our government..This is ridiculous.. Send the CEO's and politicians to a penal colony for the insane...Tehran would be my first choice...

Hal (Posted 09.25.08 9:30 PM) Report Abuse

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