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.”