UPDATE: The Paulson Bailout IS a Stick Up!
An article, appearing at Forbes.com, on September 23, 2008, discussing Secretary of the Treasury Henry Paulson's bailout plan, supported by Federal Reserve Chairman, Ben Bernanke, the plan presented to members of Congress, which has become bogged down, with the article appearing two days before the hastily arranged meeting, chaired by President Bush on September 25, 2008, states, regarding the $700,000,000,000.00 (700 billion dollars) being sited as necessary for bringing the economy back from the brink of destruction:
"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."
Please click here to read the original article.
The latest on the Paulson stick up, amended and hashed out by Congress, announced on September 28, 2008.
From the above linked article:
The plan would give Congress a stronger hand in controlling the money than the Bush administration wanted. Lawmakers could block half the money and force the president to jump through some hoops before using it all. The government could get at $250 billion immediately, $100 billion more if the president certified it was necessary, and the last $350 billion with a separate certification — and subject to a congressional resolution of disapproval.
Also at Forbes.com:
From Paulson: Bailout Price Tag Unknown, dated September 8, 2008:
On Monday morning, Treasury Secretary Hank Paulson admitted in a television interview that "we ultimately don't know" how much the recently announced bailout for the troubled mortgage lenders will end up costing. He said the rescue is "not something I'm happy about" and that the final price tag will depend on "how long it will take for housing prices to stabilize and the housing market to come back."
The intervention by the federal government, outlined Sunday (see "After the Bailout"), will bring in new senior management, eventually shrink the firms’ portfolios and saddle taxpayers with billions in liabilities. St. Louis Federal Reserve Bank President William Poole said that the bailout could cost as much as $300 billion.
Also at NowPublic: