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"We just wanted to choose a really large number."

forbes.com — $700b... sure that'll do.

Who dugg this?

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  • webXL, on 09/30/2008, -0/+1I think it was based on a 5% default rate on the total value of outstanding mortgages.

    They just need some sort of liquidity injected into the system because our economy (in the very core - Banks) is frozen right now. We can't debate if this is socialism or not. That ship sailed a long time ago when Republicans decided that they would only tax a little bit less than democrats and do everything else the exact same.

    Yeah, we have a lot of debt, but compared to our GDP, it's manageable.
  • ScienceDoc, on 09/30/2008, -0/+1No, no, and hell no. The bailout is a steaming heap. Screw these people.

    In fact, some of the most basic details, including the $700 billion figure Treasury would use to buy up bad debt, are fuzzy.

    "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."

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