Treasury Pulled the Number Out of Thin Air

George Washington's Blog
Thursday, Sept 25, 2008

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."

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