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