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Wednesday, September 24, 2008

Bailout Figure Chosen Because It's 'A Really Large Number'

Well, this makes me more comfortable with giving Hank Paulson carte blanche to spend $700 billion without any oversight:

Forbes writes on part of the reason that the American public is so skeptical of the Bush administration’s bailout proposal.

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.