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Wednesday, September 24, 2008

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The $700 billion may be a little high. Actually, once the oil starts flowing again, the bailout will pay for itself. I predict people on Wall Street will greet us as liberators!

Nice.

John-

Actually, we have no earthly idea how high the price of this gift might go. The proposal itself says:

Sec. 6. Maximum Amount of Authorized Purchases.

The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time

"At any one time" -- that implies that there are an undetermined number of 700 trillion dollar payments possible...

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