My question: WHY is $700 billion the magic number?

[file83]

Ok, so the bailout didn't go through today, but there are going to be more proposals soon.

That being said, can anyone tell me:
* WHO came up with that number?
* WHY that amount? (why not $692 or $710?)
* WHAT is that number based on?

It's like one day we just see this magic number "$700 Billion" and all accept it without questioning. The only discussion about it is should we do it or should we not do it (or what "strings" should be attached). But, no one has been asking, "Why not more, why not less?".

Can anyone address this issue?

[lligrd]

1. Only Paulson Knows And He Ain't Talking nt

[Skink]

2. Not to big not to small. It's just right.

[file83]

3. It's like that Christian TV channel, "The 700 Club"...

...hmmm. I may be on to something there...

[magellan]

4. “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.”

Waa-aayy. And you thought there was something formulaic to it?

I want to know how much these dumbasses in Treasury are paid.

:mad:

[file83]

6. Holy shit!! So my hunch that the figure was BULLSHIT was right!!

Thanks for posting that! :applause:

It's not based on anything - it's just a really large number, nice. It's like this propaganda game they play with the public - don't argue about the number - just pick a arbitrary large one and then we'll play political soccer with it and kick it around in front of the public while our voters root for the team they want to win.

In the mean time, they are stealing $700 Billion from the taxpayers, legally.

[magellan]

12. Oh, they've stolen way more than that already

I don't know the current figure, but it's got to be way over a trillion dollars the Fed has injected into the financial system so far.

And it's helped about as much as putting bandaids on a sucking chest wound.

If you want the patient to live, you're going to have to operate.

[BrklynLiberal]

9. I heard that too. Isn't that just enough to make you puke!?!!!

and now we should trust these people with all that money. I don't think so.

[magellan]

14. It doesn't really instill confidence, does it? n/t

[spin]

5. Something strange is in the works...

Like maybe a war with Iran.

[soulcore]

7. “We just wanted to choose a really large number.”

I think that just about says it all.

[file83]

10. Was that posted somewhere else here at the DU?

I only ask because you're the second person to use that quote with no linky. I feel like i missed out on a great post...:dunce:

[TahitiNut]

13. It's what Poulson said when asked.

:shrug:

[scheming daemons]

8. Which is EXACTLY why Pelosi and Reid had it changed to just $250B up front...

..and the rest on an "as needed" basis which requires congressional approval.

[HughMoran]

11. Lucky "7" man!

Don't you know!!!

:rofl:

[pokerfan]

15. I had the same question

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=4110031&mesg_id=4110031

Seven is psychologically satisfying, I guess.