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EDITOR OF REDSTATE

Just digest this statement

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.”

(SOURCE)

COMMENTS

  • NightTwister

    We just wanted to choose a really large number.

  • NightTwister

    We just wanted to choose a really large number.

  • E_Pluribus_Unum

    I’m sure it was there, I just must have overlooked it.

  • jimmuy8

    It was right before the quote of Maxine Waters saying a mere 4 years ago that there was nothing wrong with Freddie Mac or, quite emphatically, Fannie Mae.

  • simpson316

    that I had about the bailout. It seemed that Paulson was really shooting from the hip.

    A number pulled out of an orifice does nothing to engender confidence.

  • DGaines

    for you.

  • paint_it_red

    They want us to follow an arbitrary “really high number”??? This is supposed to restore investor confidence? Do they have any idea how much money that is to every taxpayer?

    Yes, reform measures are needed, but no, we don’t have to pay them money to implement the reform they need for their future protection.

    It strikes me McCain is not sold on this course of action when he says “doing nothing is not an option”. Some other options might include:

    1. Spend that $700 million in a “trickle up” economic stimulus that allows every American a $5000 Investment tax credit to invest in American Companies employing American Workers.

    2. Unveil a “McCain Plan” and get the bipartisan support needed. At this point, a smaller bailout coupled with some type of tax break will pass. Great opportunity for us here to dodge a bullet and do some good for the economy at the same time.

    and/or

    1. Outline every day how Obama’s tax plan and economic policies would worsen the crisis and hurt “Main Street” and not just “wall street.”
  • Whitfox

    This morning, it was reported on NPR that the Treasury Department didn’t plan on spending any bailout money until 3-4 weeks after a bill was passed. So all that stuff about a critical need to pass legislation this week was just so much guff.

    Despite the risk, I’m glad this albatross of a plan failed. Here’s hoping for a little more honesty and justice with the next plan.

    (That’s why this failed, IMO. A bailout of speculators with no long-term-consequences just seems too unfair, no matter how much taxpayer protection there is.)

  • KyleH

    Wall Street isn’t some big entity that has no bearing on your life. You sound like some stupid class-warfare Democrat. Our jobs, our retirement, and our economy is tied to Wall Street. If it tanks it is not just the fat cats who get hurt. This is akin to the local chemical plant blowing up. It is not just Ajax Chemical Inc. who looses property. The toxic cloud threatens us all.