Wednesday, October 1, 2008

Bad News For The Bailout (from

Since current politics is fairly tied up in the Bailout, I thought I'd share this quote with everyone. I'm slightly embarassed (but still willing to admit) that I get a lot of my news from listening to Wait, Wait...Don't Tell Me!, the NPR news quiz. (A great radio show available by podcast that I recommend everyone check out!) This week's episode referenced a quote from a article that I think has to be seen to be believed. The article, Bad News For The Bailout, was written last Thursday, September 23rd. I'm taking the quote (mostly) out of context below, so I certainly recommend you check out the entire article for the full picture. Also, the emphasis (bold) is purely mine:

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

Is it so hard to believe that so few people support the Bailout plan with resounding research like that to back it up? Amazing.