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Treasury Pulled $700 billion price tag out of Thin Air
Treasury Pulled the Number Out of Thin Air
You know the $700 billion price tag of the proposed bailout? Treasury pulled that number out of thin air.
As Forbes writes:
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."
***Exclusive spycam video of Treasury meeting***
Member Submitted News
The Economist warns: “the world will be in a rotten position to do much about it. Rarely have so many large economies been so ill-equipped to manage a recession,” whatever the trigger.alexmark
James Turk: “If there’s no incentive to save, you’re knocking out one of the key planks of the system on which we’ve managed to raise peoples’ standards of living for decades.”alexmark
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