Tumblr Icon RSS Icon

Treasury explains how it came up with $700 billion: We just wanted ‘a really large number.’

Posted on  

"Treasury explains how it came up with $700 billion: We just wanted ‘a really large number.’"

Share:

google plus icon

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.

Tags:

« »

By clicking and submitting a comment I acknowledge the ThinkProgress Privacy Policy and agree to the ThinkProgress Terms of Use. I understand that my comments are also being governed by Facebook, Yahoo, AOL, or Hotmail’s Terms of Use and Privacy Policies as applicable, which can be found here.