Thursday, September 25, 2008


They just made up that number, and don’t you laugh, they are serious about it

by Larry Geller

More web gems.

You’ve seen a certain number several times over the past couple of days: 700 billion dollars. Where did that come from exactly?

We poor sheep aren’t in a position to question those guys in Washington, we just go by what we read or watch on TV. Everyone seems to say a fix will cost taxpayers $700 billion. At least.

Forbes asked about the number, though:

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

Wow. If it wants to see a bailout bill passed soon, the administration's going to have to come up with some hard answers to hard questions. Public support for it already seems to be waning. According to a Rasmussen Reports poll released Tuesday, 44% of those surveyed oppose the administration's plan, up from 37% Monday.

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

You didn’t miss that, I know. I just wanted to repeat it in bold face type. Surreal.

Public support has slipped further, I understand, though I don’t know if the polls are to be believed.

Now, if that number was simply made up, then Congress won’t have to agree to anything like it. I assume they read Forbes.

Keep on surfin’ the web, that’s where the info seems to be.

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