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.