CovenantNews.com

The Bailout Czar Bails Out

Will Grigg / Liberty Minute:
Neel Kashkari went to Washington in 2006 as a 35-year-old assistant to then-Treasury Secretary Henry Paulson. A little more than a year later, Kashkari was in charge of bailout stricken investment banks. It was Kashkari who established the now-notorious $700 billion bailout price tag. As the Washington Post notes, that figure was entirely arbitrary. Kashkari admits that "Seven hundred billion was a number out of the air." Five percent of the $14 trillion in combined residential and commercial mortgages was $700 billion, which Kashkari decided was “a nice round number."

Posted by Editor at December 9, 2009 12:19 AM