And they wonder why we’re cynical

According to the LA Times, quoting a Forbes Magazine article, that $700,000,000,000 figure used to scare us all into a bailout was made up out of thin air by Treasury:

"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."

They made it up to be sufficiently ginormous to frighten everyone into rapid action.

And it worked.

Argh! Are there no responsible adults in Washington? At wits end

(hat tip: LGF)

 

One Response to And they wonder why we’re cynical

  1. Steve in TN says:

    The ball is in McCain’s court. He can “rescue” the markets with a bill the GOP will accept and that will force the Dems to acquiesce.
    *Likely Voters* are now thinking that a bailout needs to be done. Like the Energy issue this summer, the first candidate to step up will win the election. Neither jumped on the chance with Energy, will either do so now?
    Cue Bonnie Tyler…

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