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Just keep the printing presses running till I say stop

The quote of the day, 700 billion dollar bailout edition.

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."

Thank you for being so forthright who ever you are. Now my opinion on the bailout is cemented 100%. No way.

Hat tip- Doug at Below the Beltway


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Comments (7)

"We just wanted to ch... (Below threshold)

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


So - this could be WAY more than you need, or not nearly enough - but there's no friggin' way to VERIFY the amount needed - and you just want a blank friggin' check?!?


Well, there ya go. That's ... (Below threshold)

Well, there ya go. That's definitely the best response to give a periodical devoted to business news and finance. That's when the stronger institutions should be saying to the govt: "Hands off! You don't know what the hell you are doing."

You know this has been my f... (Below threshold)

You know this has been my fear all along. Not that we do not need a massive intervention, but that the intervention Paulson thinks we need is just some kind of haphazard guess at what he thinks might work. It is too much money to be playing around with.

And you know damned well th... (Below threshold)

And you know damned well that if they "fixed" the problem with $300 billion, I'm sure they'd find SOMETHING to spend the rest of it on... and we'd be left to pay the check.

I'm with JL, fire the lot of 'em.

"AAAAGHH! FIRE THEM ALL... (Below threshold)


Agreed, each and every last one of them in the Senate and House. Then impose a one term limit on each and start all over.

As to the "fuzzy" quote in the post:

Considering this, you're a banker holding, say, 1 billion in bad paper. The Gov. steps in as they are, you as the banker tell them what?

The actual value of the paper? Or some inflated number, even if inflated by only a couple mil?

Does anyone, given Gov's lack of any financial responsibility over the past decades, think they will actually spend any time finding the real value of the bad paper?

Hell no they won't, they'll just cut a check and walk away.

And so will the banker, with a tidy profit.

Marc: I agree. I have ... (Below threshold)

Marc: I agree. I have been saying that for some time now... they need term limits.
These people are supposed to representing us.

Sounds like they forgot why they are in the positions. I am not a finance whiz but goodness
is the current mentality to spend spend spend
like there is no tomorrow and 'hope' this fixes the problem the current ways of Americans? where is common sense in finance in all of this?
where's a plan to save for problems, and if you dont have the money you dont spend it.
where's the plan if this doesnt work what they will do so it doesnt get even worse?
sounds like there is no plan and no alternate plans to me.

The above mentions common s... (Below threshold)
Dean Bull:

The above mentions common sense. Turns out common sense is one of the most uncommon things in the world. Along with common knowledge and common courtesy. The bail out is lacking in all three. Voting for them only encourages politicians.
Dean Bull
Traverse City, Michigan






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