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Originally posted by icecap
This seems to be the beginning of the end for this country unless we do something QUICK!
Originally posted by abelievingskeptic
Why that number?
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."
(3) If at any time after obligations of amounts(3) If at any time after obligations of amounts
23 described in paragraphs (1) and (2) have been made,
24 the President transmits to the Congress a written
25 report detailing the plan of the Secretary to exercise
O:\AYO\AYO08B94.xml [Discussion Draft]
1 the authority under this paragraph, unless there is
2 enacted, within 15 calendar days of such submission,
3 a joint resolution described in subsection (c), effec
4tive upon the expiration of such 15-day period, such
5 authority shall be limited to $700,000,000,000 out6
standing at any one time.
It's sounds so much better than 2-5 Trillion which is what the cost has the real potential to be. Remember it's like a credit card with a 700Billion limit. If you have a credit card with a 2,000 limit during the life of that card is $2,000 the total limit of money that is spent on it?
Originally posted by Jay-in-AR
I'm not sure that I can answer that question, but I find it peculiar that 700B is the same amount of money they've already wasted on the Iraqi war.
Send 700B over there and now we need to account for 700B over here. Problem is that we are just printing the money out of thin air. Which tells me that between the two we have lost 1.4T dollars and to compound matters we have grossly devalued our dollar in the meanwhile. Bringing the total up even more in real cost to the taxpayer.
Get ready for $10 milk.
(visit the link for the full news article)
The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression.
The Fed's expansion of liquidity, the biggest since credit markets seized up last year, comes as Congress prepares to vote on a $700 billion bailout for the financial industry. The crisis is reverberating through the global economy, forcing European governments to rescue four banks over the past two days alone.
The problem is, nobody truly knows what this "collapse" is all about. Even Treasury Secretary Paulson admitted he doesn't know the exact amount that is needed (he just picked the $700 billion number out of his head!). The head of the congressional budget office said he can't figure it out nor can he explain it to anyone.