$700 Billion? Are You Serious?

The email was sent out from Treasury at 7:03pm last night. Treasury Secretary Henry Paulson is asking for $700 billion to bail out the bad mortgages still being held by world financial markets.

$700 Billion? Are you serious? It’s really more like $1.3 TRILLION already:

Bear Stearns $25 to $50 billion
Fannie Mae/Freddie Mac $25 to $50 billion (or a lot more)
$300 billion for FHA loans

Add it all up, and we’re looking at a whole lot more money.

No specifics. Double the official $600 billion cost of Iraq and Afghanistan (which I think is a funny number anyway).

And will this solve the problem?

It’s what we’re talking about today on the Ilyce Glink Show. Call in now 404-872-0750. Listen online at www.wsbradio.com.

Sept. 21, 2008.