Where the 700 billion number come from?

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Where the 700 billion number come from? - 9/30/2008 8:29:31 AM

UncleNasty

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I just happened on this blog link this morning. I've no idea the truth or accuracy of it. But, knowing the character of the players involved, it doesn't fall outside the realm of possible.

Here is the quote:

"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."

Here is the link to the full blog:

http://latimesblogs.latimes.com/washington/2008/09/bailout-plan.html

The author raises the point that if we don't know what the "assets" value really is how can we begin to come up with an accurate number.

I posted earlier a link to an article regarding the CBO Chiefs testimony in which he said, in essence, if there is a bailout and more corps come under scrutiny it will likely indicate and lead to many more failures and insolvencies. Right now they are more or less cooking the books to stay afloat on paper. More scrutiny and inspection will mean more honesty, and that will show more insolvencies.

Uncle Nasty

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RE: Where the 700 billion number come from? - 9/30/2008 10:10:33 AM

bipolarber

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Which is exactly why this thing should be funded in stages, the same way they've been doing the war... Maybe make $150 billion available immediately, then reasses after the election and take our time in aquiring all this troubled paper.

It REALLY annoys me that Wall Street and Bush have been treating this whole thing like it's a response to terrorisim.

Once again, we're being led by the ring in our nose, via the politics of FEAR.

< Message edited by bipolarber -- 9/30/2008 10:11:58 AM >

(in reply to UncleNasty)

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RE: Where the 700 billion number come from? - 9/30/2008 10:25:18 AM

kittinSol

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Aren't Mr Bush and Mrs McCain cutting a personal check