Quote of the day: TARP not based on any facts

By Edward Harrison On Sep 25, 2008

I caught this quote via Political Wire. It reminds me of Paul Wolfowiz’s quote for why the Bush Administration used WMDs as the rationale for war in Iraq.

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.”-Forbes 23 Sep 2008

Sources on Wolfowitz quote
WMDs only ‘bureaucratic reason’ for war: Wolfowitz – SMH, 29 May 2003
Wolfowitz comments revive doubts over Iraq’s WMD – USA Today, 30 May 2008

Edward Harrison 7783 posts 575 comments

Edward Harrison is a senior Editor at Bloomberg. He is also the founder of Credit Writedowns newsletter, a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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