This wasn't a plan. It was a $700 billion hail mary. The Treasury has outright said that that figure isn't based on anything, and they just wanted a really big number.
Of course, by insisting on such a ridiculous amount, they've pretty much doomed any more moderate proposal, because a smaller amount will be perceived as insufficient. And in economics, perception is reality.
For once, the Republicans in Congress actually did something right, IMO. Of course, they did it for the wrong reasons ("Nancy Pelosi said something mean!"), but still.
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Date: 2008-09-30 09:38 pm (UTC)Of course, by insisting on such a ridiculous amount, they've pretty much doomed any more moderate proposal, because a smaller amount will be perceived as insufficient. And in economics, perception is reality.
For once, the Republicans in Congress actually did something right, IMO. Of course, they did it for the wrong reasons ("Nancy Pelosi said something mean!"), but still.