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September 25th, 2008
03:27 pm
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This is too important not to repeat
Remember that $700 billion bailout bill with absolutely no oversight that the President just assured us it was critical to pass ASAP?

Have you wondered where they came up with the $700 billion figure?
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." [1]

Let me repeat that in case your optic nerves fail to process bold print:

"We just wanted to choose a really large number."

If anything even close to the original bailout plan passes, it is time for either departure or riot.

--
Edited to add: Tim of Balloon Juice hits it out of the park: "Across the country, satire writers sadly capped their pens and bookmarked monster.com." Read the whole thing; it's a devastating roundup of the various "conservative" imperial contenders trying to out-stupid each other in public today.

Current Location: ~spiral
Current Mood: angryshrill
Current Music: Bad Religion, "Let Them Eat War"
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(11 comments | Leave a comment)

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From:baronlaw
Date:September 25th, 2008 10:55 pm (UTC)
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LOL and crying.
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From:baxil
Date:September 26th, 2008 06:57 am (UTC)
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Linked rather than embedded due to 750px width: I'll see your LOLfinance and raise you one.

Oooh, the L-G scale is useful. Bookmarking that one. A best-case bailout scenario might be around a 5 (no matter how free of financial fuckery the final bill is, there will be people who slip through the cracks whose lives are ruined, and some may probably even die); a really bad case in the 8-9 range, though I think the sort of widespread devastation that could wipe out the U.S. is not going to be achievable through mere anarchy or martial law.
(Deleted comment)
From:antwondotcom
Date:September 25th, 2008 11:25 pm (UTC)
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I know. It's terrifying.

Put me down for "pro-riot", should things come to that.
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From:mr_silvers
Date:September 25th, 2008 11:55 pm (UTC)
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I fully concur with baronlaw.

LAWL!!

OMFG WE R SKRUD
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From:frameacloud
Date:September 26th, 2008 12:44 am (UTC)
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Aw, man... I wish these people would try to out-stupid each other like on Spongebob Squarepants, by dipping themselves in various coatings to see who can make themselves most resemble an ice cream. It would be more humane to the populace.
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From:kinkyturtle
Date:September 26th, 2008 03:24 am (UTC)

That's Numberwang!

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"We just pulled it out of our ass."
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From:baxil
Date:September 26th, 2008 04:49 am (UTC)

Re: That's Numberwang!

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They must have been running the Prime Number Shitting Bear for an awful long time.
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From:paka
Date:September 26th, 2008 06:07 am (UTC)
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I've been steadily drifting from the opinion that a bailout would be good if it only had oversight, to the idea that no bailout would be good. What skeeves me off is that apparently they were about to come up with some sort of compromise when the lone Republican House rep in on the discussion stomped off. Now, this way, the Republicans will claim they were always against the bailout.
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