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The $700, 000,000, 000 Figure Is Picked COMPLETELY at Random 
25th-Sep-2008 07:56 am
The more Congress examines the Bush administration's bailout plan, the hazier its outcome gets. At a Senate Banking Committee hearing Tuesday, lawmakers on both sides of the aisle complained of being rushed to pass legislation or else risk financial meltdown.

"The secretary and the administration need to know that what they have sent to us is not acceptable," says Committee Chairman Chris Dodd, D-Conn. The committee's top Republican, Alabama Sen. Richard Shelby, says he's concerned about its cost and whether it will even work.

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."
Okay, it was bad enough a few days ago when we heard this:
"Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."
Understand exactly what kind of money we're really talking about here. scorpioatl offers a fine grasp of that in this post.

Ellen Goodman: Why is a welfare mother to blame for her poverty while Wall Street fat cats can count on the federal government for $700 billion? Whatever happened to personal responsibility?

Anyone? Anyone?

25th-Sep-2008 12:17 pm (UTC)
9/11 9/11 9/11 9/11 9/11 9/11 9/11 9/11 9/11 9/11 9/11 9/11 9/11

Seriously, if the Walmart pricing model of economic bailout doesn't kill me through raised blood pressure, the terrorists will.
25th-Sep-2008 12:24 pm (UTC)
It's REALLY pissing me off that you care more about this as a non-American than most of my own fellow countrymen do. Then again, that speaks to most of the problem, so many Americans are just fucking stooooopid.

I was part of a discussion here last night between one of my closest friends, my brother, and his conservative best friend on religion, politics, and sexuality. Over and over, brother's best friend (who admittedly isn't as well versed on many of these matters as we are and views most conservative hang-ups as irrelevant nonissues) kept responding to things by stating "Are people REALLY that stupid?"

The short answer is yes, yes they are.
25th-Sep-2008 12:37 pm (UTC)
Well, the thing is, I have a US passport too, and I count myself as mostly having grown up in the Federal Socialist Republic of New York, and as much as the Great British Public irritates the hell out of me with its narrowmindedness, all of the credible political parties here supported the Civil Unions bill in '05, and sure it's not marriage, but I get that people have hangups on that, and civil unions are everything but, you know? And I sit here in the sunshine and fresh air and I pine for all my friends in the US, but I can't imagine going back, even to NY, at the moment.
25th-Sep-2008 01:17 pm (UTC)
you're missing three 0's in your title.

it just makes the figure that much more nauseating....
25th-Sep-2008 01:23 pm (UTC)
Thanks, hot stuff. I need more caffeine, apparently.
25th-Sep-2008 01:29 pm (UTC)
This is an extremely difficult situation.

One, the idea that people/companies will be saved from decisions they made knowing full well they were poor decisions bugs the PISS out of me. (NB: People who were deceived or led into poor decisions are another matter.)

By the way, you can be sanctioned and have your case thrown out of court for asking for ridiculous, stupid, un-backed amounts of money in a suit. Just sayin'.

As for the lack of oversight, uhm, that scares the crap out of me. Period. I don't know how enforceable it would actually be, but the idea of allowing one branch to do whatever the crap it wants without anyone else being able to say, "Uhm, hi, this is bananas" seems, oh, mildly against the layout of the Constitution, although I suppose one way to get around that is to say that the legislative branch is giving the executive branch that authority. USSC? Sorry, you're sitting this one out.

25th-Sep-2008 01:36 pm (UTC)
What frightens and angers me is not that I fear this sort of plea for no oversight would pass, it's the unmitigated gall required for this to even have been brought up. That this was even considered and pushed for as legit is mind boggling to me.
25th-Sep-2008 10:39 pm (UTC)
I don't pretend to understand this issue at all, but it's still unbelievable to me that we can discuss bailing out the financial industry with a straight face. I mean, Wall Street needs a financial bailout?
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