How did they come up with 700 billion?

[LostCat]

I was doing some simple math this AM. I have a real difficult time understanding how the bailout package found 700 billion as the magic number. If I am doing my math right, then 7 million homes would have had to have lost over a 100k. That seems excessive. Does anyone know how many homes nationally have been foreclosed or have NODs?

WHAT A SCAM…

[Anonymous]

They pulled it out of their collective ass. Truly.

This morning on CNBC, I watched a talking head pontificate on how if the Feds purchased toxic waste debt instruments “at market” it would have no net effect on the markets. They would have to pay “above market” to grease the machinery of finance. Yeah, at the same time they are pitching to the voters that the taxpayers “have a chance to make money” they are acknowledging that this whole bailout won’t work unless the government pays TOO MUCH for these near worthless pieces of toxic sewage. What a scam. You wait. The taxpayers will NOT make any money off of this boondoggle. Au contraire.

Sidebar: What is so friggin’ critical about getting the whole $700B at once? Why not authorize $100B (still a huge number) and plan to reauthorize 6 times if necessary? If it works, we will quickly see. If not, we’ll be able to shift course.

Also of note: What’s the last issue that YOU can think of that united conservative Repubs and liberal Dems in opposition? That alone should cause some thoughtful analysis.

You have everyone involved in finance insisting that something be done, and only rare voices of caution. Scary times indeed.

[Anonymous]

They pulled it out of their collective ass. Truly.

This morning on CNBC, I watched a talking head pontificate on how if the Feds purchased toxic waste debt instruments “at market” it would have no net effect on the markets. They would have to pay “above market” to grease the machinery of finance. Yeah, at the same time they are pitching to the voters that the taxpayers “have a chance to make money” they are acknowledging that this whole bailout won’t work unless the government pays TOO MUCH for these near worthless pieces of toxic sewage. What a scam. You wait. The taxpayers will NOT make any money off of this boondoggle. Au contraire.

Sidebar: What is so friggin’ critical about getting the whole $700B at once? Why not authorize $100B (still a huge number) and plan to reauthorize 6 times if necessary? If it works, we will quickly see. If not, we’ll be able to shift course.

Also of note: What’s the last issue that YOU can think of that united conservative Repubs and liberal Dems in opposition? That alone should cause some thoughtful analysis.

You have everyone involved in finance insisting that something be done, and only rare voices of caution. Scary times indeed.

[Anonymous]

They pulled it out of their collective ass. Truly.

This morning on CNBC, I watched a talking head pontificate on how if the Feds purchased toxic waste debt instruments “at market” it would have no net effect on the markets. They would have to pay “above market” to grease the machinery of finance. Yeah, at the same time they are pitching to the voters that the taxpayers “have a chance to make money” they are acknowledging that this whole bailout won’t work unless the government pays TOO MUCH for these near worthless pieces of toxic sewage. What a scam. You wait. The taxpayers will NOT make any money off of this boondoggle. Au contraire.

Sidebar: What is so friggin’ critical about getting the whole $700B at once? Why not authorize $100B (still a huge number) and plan to reauthorize 6 times if necessary? If it works, we will quickly see. If not, we’ll be able to shift course.

Also of note: What’s the last issue that YOU can think of that united conservative Repubs and liberal Dems in opposition? That alone should cause some thoughtful analysis.

You have everyone involved in finance insisting that something be done, and only rare voices of caution. Scary times indeed.

[Anonymous]

They pulled it out of their collective ass. Truly.

This morning on CNBC, I watched a talking head pontificate on how if the Feds purchased toxic waste debt instruments “at market” it would have no net effect on the markets. They would have to pay “above market” to grease the machinery of finance. Yeah, at the same time they are pitching to the voters that the taxpayers “have a chance to make money” they are acknowledging that this whole bailout won’t work unless the government pays TOO MUCH for these near worthless pieces of toxic sewage. What a scam. You wait. The taxpayers will NOT make any money off of this boondoggle. Au contraire.

Sidebar: What is so friggin’ critical about getting the whole $700B at once? Why not authorize $100B (still a huge number) and plan to reauthorize 6 times if necessary? If it works, we will quickly see. If not, we’ll be able to shift course.

Also of note: What’s the last issue that YOU can think of that united conservative Repubs and liberal Dems in opposition? That alone should cause some thoughtful analysis.

You have everyone involved in finance insisting that something be done, and only rare voices of caution. Scary times indeed.

[Anonymous]

They pulled it out of their collective ass. Truly.

This morning on CNBC, I watched a talking head pontificate on how if the Feds purchased toxic waste debt instruments “at market” it would have no net effect on the markets. They would have to pay “above market” to grease the machinery of finance. Yeah, at the same time they are pitching to the voters that the taxpayers “have a chance to make money” they are acknowledging that this whole bailout won’t work unless the government pays TOO MUCH for these near worthless pieces of toxic sewage. What a scam. You wait. The taxpayers will NOT make any money off of this boondoggle. Au contraire.

Sidebar: What is so friggin’ critical about getting the whole $700B at once? Why not authorize $100B (still a huge number) and plan to reauthorize 6 times if necessary? If it works, we will quickly see. If not, we’ll be able to shift course.

Also of note: What’s the last issue that YOU can think of that united conservative Repubs and liberal Dems in opposition? That alone should cause some thoughtful analysis.

You have everyone involved in finance insisting that something be done, and only rare voices of caution. Scary times indeed.

[scaredyclassic]

oooh i know i know. paulson is worth 700 million; he just multipled that by 1000 to get 700 billion. plus 7 is a lucky number.

[scaredyclassic]

oooh i know i know. paulson is worth 700 million; he just multipled that by 1000 to get 700 billion. plus 7 is a lucky number.

[scaredyclassic]

oooh i know i know. paulson is worth 700 million; he just multipled that by 1000 to get 700 billion. plus 7 is a lucky number.

[scaredyclassic]

oooh i know i know. paulson is worth 700 million; he just multipled that by 1000 to get 700 billion. plus 7 is a lucky number.

[scaredyclassic]

oooh i know i know. paulson is worth 700 million; he just multipled that by 1000 to get 700 billion. plus 7 is a lucky number.

[cr]

What most people don’t realize is that it’s $700,000,000,000 per occurence.

This is from the Bill:

…the President transmits to the Congress a written report detailing the plan of the Secretary to exercise the authority under this paragraph, unless there is enacted, within 15 calendar days of such transmission, a joint resolution described in subsection (c), effective upon the expiration of such 15-day period, such authority shall be limited to $700,000,000,000 outstanding at any one time.

The real question, which is absurd to even have to ask, is how many times?

[cr]

What most people don’t realize is that it’s $700,000,000,000 per occurence.

This is from the Bill:

…the President transmits to the Congress a written report detailing the plan of the Secretary to exercise the authority under this paragraph, unless there is enacted, within 15 calendar days of such transmission, a joint resolution described in subsection (c), effective upon the expiration of such 15-day period, such authority shall be limited to $700,000,000,000 outstanding at any one time.

The real question, which is absurd to even have to ask, is how many times?

[cr]

What most people don’t realize is that it’s $700,000,000,000 per occurence.

This is from the Bill:

…the President transmits to the Congress a written report detailing the plan of the Secretary to exercise the authority under this paragraph, unless there is enacted, within 15 calendar days of such transmission, a joint resolution described in subsection (c), effective upon the expiration of such 15-day period, such authority shall be limited to $700,000,000,000 outstanding at any one time.

The real question, which is absurd to even have to ask, is how many times?

[cr]

What most people don’t realize is that it’s $700,000,000,000 per occurence.

This is from the Bill:

…the President transmits to the Congress a written report detailing the plan of the Secretary to exercise the authority under this paragraph, unless there is enacted, within 15 calendar days of such transmission, a joint resolution described in subsection (c), effective upon the expiration of such 15-day period, such authority shall be limited to $700,000,000,000 outstanding at any one time.

The real question, which is absurd to even have to ask, is how many times?

[Author]

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