Treasury Cooks the Books to Scare

Well aint this just grand and peachy. Sec. Paulson's much quoted figure of needing $700billion to bail things out turns about to be a charade, a sham, a scare tactic.

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."

They wanted to stampede Congress to give Treasury a blank check of $700billion. With no oversight. Treasury needs to be purged, starting with Paulson since they lied to Congress, the President, and to us the voters.

I am so glad House Republicans with help from Sen. McCain has managed to pare this phantom menance down to a mere $250billion with oversight and stipulations. May this be the only money needed. Then lets remove government fiats from determining who is a good financial risk for loans.