$700 Billion Bailout Figure Pulled Out Of Thin Air
Yep. You heard it right. The $700 billion price tag for the failed U.S. government bailout of Wall Street and the financial system was conjured up. Where’s the evidence? Forbes’ Brian Wingfield and Josh Zumbrun wrote on September 23:
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.”
And you wonder why Americans are suspicious of government…
Steve Miller Band, “Abracadabra” (1982)
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Source:
“Bad News For The Bailout”
Brian Wingfield, Josh Zumbrun
Forbes, September 23, 2008
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