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"We just wanted a really large number"


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#1 Drew

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Posted 30 September 2008 - 10:43 AM

http://www.forbes.co...923bailout.html

Quote

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."

:Oo:
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#2 Spectacles

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Posted 30 September 2008 - 10:47 AM

Good Lord.
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#3 Gambler

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Posted 30 September 2008 - 11:01 AM

"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."



That statement alone scares me to death.

#4 Godeskian

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Posted 30 September 2008 - 11:11 AM

No kidding.

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#5 SparkyCola

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Posted 30 September 2008 - 11:15 AM

It's one of those things where I can't tell whether you're meant to laugh or cry...

Sparky

Edited by SparkyCola, 30 September 2008 - 11:20 AM.

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#6 Nonny

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Posted 30 September 2008 - 11:32 AM

How very very reassuring.    :suspect:
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#7 Sinister Dexter

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Posted 30 September 2008 - 03:49 PM

Some talking-head on the news earlier said that $700-billion was only about 5% of the entire US mortgage debt.

Also, I have to ask, where were they going to find that kind of money? It doesn't sound like the sort of loose change you find down the back of the sofa...
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#8 FnlPrblm

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Posted 01 October 2008 - 11:16 PM

^borrow it of course.  We'd owe it to China, England, France, Germany, Japan, Canada, etc.  The list goes on usually.  But for all of them, it's also in their best interests to help out.

Basically, the $700 billion is to allow some movement.  Think of it like a traffic jam.  All these cars bunched up with no where to go.  (The cars symbolizing the debt.)  If you inject 700 billion in key places (along with tax breaks and incentives not numerically listed), it's like taking a couple key cars/trucks off the road.  It should allow traffic to start flowing again.  People's tempers will settle and prevent people from running out of gas (defaulting further on banks because the interest keeps raising, loans once again becoming available on a conservative basis for people to buy things and so on).

  If the bailout doesn't happen, then the banks which can't loan anymore then can't gain anymore business.  If they can't loan anything out, then even people who could normally afford things can't get a loan for them. (I know that's an ironic statement. :rolleyes:)  But a person who makes $50k and looks to move into a house valued at $200k, can't.  (And oddly enough, it's very difficult to buy a house in cash. lol darn cartels :p)  Anyway, the injection is needed, but it also needs to be careful where to be injecting.  Randomly sticking a person with morphine won't alleviate the pain of a dying patient.  You need to get it into the blood stream, otherwise it's ineffective.
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#9 Bad Wolf

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Posted 02 October 2008 - 12:05 AM

View PostSparkyCola, on Sep 30 2008, 09:15 AM, said:

It's one of those things where I can't tell whether you're meant to laugh or cry...

Sparky

Yes.

:crazy:
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#10 Rocorolo

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Posted 02 October 2008 - 11:22 AM

One of my lecturers today cited that $700 billion as an example of how the US prefers Quantitative Analysis to Qualitative Analysis.  I loled quietly and emailed him the article afterwards :)

#11 Palisades

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Posted 02 October 2008 - 11:23 AM

Meredith Whitney says the Paulson plan "doesn't make sense."

Edited by Palisade, 02 October 2008 - 11:24 AM.

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#12 Lord of the Sword

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Posted 02 October 2008 - 12:32 PM

View PostSparkyCola, on Sep 30 2008, 12:15 PM, said:

It's one of those things where I can't tell whether you're meant to laugh or cry...

Sparky

couldn't have said it better myself.
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