Why 700 Billion?

Never mind that we don’t need the bailout, where exactly did the $700 billion number come from?  Why not $500 billion, $650 billion or $800 billion?

Did they just pull the 700 billion out of thin air?

Yes, it turns out they did:

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.”

Wow!

One Response to “Why 700 Billion?”

  1. Pat Jack Says:

    Why 700 Billion? To slam Boone Pickens to the bottom of google.

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    Pat Jack
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