My head is just spinning from all the big numbers.
“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.”
The Treasury spokeswoman is referring to the $700 billion Wall Street bailout number. Which in reality could be any really big number, like a trillion dollars or even more, or maybe less but probably not. Doesn’t matter, as long as it’s big.
I appreciated the $600 rebate check that I got from my government last May. But given the cause of the ongoing economic crisis I don’t see how giving me money (and spending $170 billion total) could possibly have been a solution to it. But it was only $170 billion.
Then the government gave $29 billion to JP Morgan, $200+ billion to Fannie/Freddie and $85 billion to AIG and is about to give a whole bunch of money to Wall Street; to the same financial institutions who gave themselves $38 billion in bonuses last year while losing $74 billion for their shareholders. We’re about to reward their greed, and their failure, with a really big present.
There is one group that has publicly stated
But they will, along with everyone else in Congress because this three-year-old debacle has now turned into a crisis so large that there is no way out.
So the past 72 hours have seen a Congressional debate of historic proportions, based on a number that someone pulled out of his ass, to salvage a set of institutions that gifted their executives in one year more than the entire budget for the National Institutes of Health.
Hmmm. Very generous.