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Quote of the Century

A Treasury spokeswoman explains why they picked $700 Billion for the Wall Street bailout:

It’s not based on any particular data point. We just wanted to choose a really large number.

From Forbes.


One Comment

  1. JamesM wrote:

    Classic Snow Job.

    End of and era, grab the money and run!

    If you took 700 billion, that’s 700,000,000,000.00 and used it to pay the monthly payments of people in default it would last a long time, and during that time both the stock market and housing market would recover.

    The problem is mortgage backed securities. If we helped people pay the mortgage payments until such time as they could recover, or the market recovers and they could sell, then the securities would be more than strong, hence no problem.

    Friday, September 26, 2008 at 11:06 am | Permalink