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)

Comments

 

Mr. and Mrs. and the 700 rest of them.... Don't do it... don't...

Our economy needs positive and smart decisions, not $$$tupid political mistakes.

700 billions will safer in the pockets of an old jacket than it will be in the pockets of

the expensive, new one with BIG holes in it........

I have spent the last several days emailing all my Congressmen and letting them know that I will make it my life's work to remove them from office if they vote in favor of this THIEVERY.

You can get a link to contact YOUR Congressional Reps from loudobbs.com.  Bombard them with NO.

WOLVERINES!!!!!!!!!!!!!

Interesting how we're trying to convince the rest of the world to adopt a free-market system and here we are in the midst of a socialistic government takeover.

The people in the financial community who got us into this mess should be going to prison, not keeping their ultrahigh paying jobs and getting us to bail them out.  However, look who is thr figurehead for this George Bush bailout, Henry Paulson, former CEO/President of Goldman Sachs.  He walked away from GS with over one-half a BILLION DOLLARS in GS stock, and other golden items.  He was part of the developing problem. Now he is telling us to bail out his buddies and, at least, his firstd idea was to give hime the money and let him take care of everything ("Trust me!!!").

The lunatics are definitely in charge and another one, John McCain, is trying to get into the White House with the dope, Sarah Palin, so he can at least try to screw things up even more.

See Dodd's comments one week ago.  At that time the number was $500 billion, but they had "no details whatever about the plan", but that they would not let the financial system meltdown and congress would "fix it".  If John Grisham isn't getting some ideas for a new book, I'd be surprised.

Bail out! Bullshit! Put them all on a barge, send the barge to the Marianis Trench, then sink it! We need to go back to basics, Economics 101, not what they're implimenting right now. The only safe haven in a real crash would be "cash under the pillow". But the US dollar is also going through the floor. If we borrow more, the dollar sinks more. Our government gave up on the American worker beginning in the 80's. Did they think there wouldn't be a backlash?!?! Revolutions happen for a reason. Keep pushing..........................

The first step in any negotiations is to take back from any executive of any of these companies over the last 10 years any money they made over, let's say, $250K. per year.  Any property bought with that excess money should be turned over for auction with the funds going into the treasury.  Without a fundamental change in the practices before any type of bailout is made is fruitless.  And Paulson, Bernanke, and friends now in government should be the first to give up their ill-gotten riches.

 start at the bottom and work up. from main street to wall street. to determine how much of the 700b is needed. this can be done by lowering interest rates and setting home prices at there current values.

Well, well...I am not surprised that Bush and his buddy advisors and his wealthy executive buddies have done it again.  Strange how Bush waited until the next presidential election to cry 'WOLF'!!! AT THE DOOR!!!!   He plans to leave behind the biggest mess this country has ever seen.  I wonder what his tactics are about now.  Bush has gotten us into such a financial mess, and dumped the worries on the average tax payer.  He should be impeached!  He wanted to stop Social Security and prevent National Health Insurance, now this multi billion dollar debt might ensure there is never any money for either.  He and all his buddies and all of his buddy advisors and executives should be out of a job.

I've said it before, I'll say it again.  The Fed is bailing out Wallstreet... not mainstreet.  Wallstreet will sell worthless assets to the Feds at the book value (make money here) then buy them back from the Fed at pennies on the dollar when the Fed can't unload them and make money on that transaction.  Who will pay?  You guessed it, the taxpayers.   At one point Bernake said the US was only 5 trades away from a complete shutdown.  That was 10 trading days ago.  Think this is a hard sell... well you're right because the longer this drags out, the more apparent the "doom and gloom" scenario is just being orchestrated by Wallstreet to bully the senate into passing the blank cheque bill which will allow the party to continue on Wallstreet, sticking the blue collar joe on the street with the tab.  The $700 billion would be better spent creating jobs building roads, rebuilding hurricane devastated areas, etc. so the pay can be used by average joe's to pay the mortgage.  What a joke.  What a clueless society.  Remember the sell job for going to war in Iraq?  WMD's that didn't exist?  Any of this sounding familiar?  Same play book, different game.

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