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Meltdown for Dummies

October 10, 2008

The Age is running a handy little multimedia page called “Economics Meltdown 101”.  I particularly like this speculation, under the heading “What is the US rescue plan?”:

Even the amount nominated, almost US$150 billion more than the US has spent on the war in Iraq, was not chosen in any scientific way.  A US treasury spokeswoman told Forbes magazine: “It’s not based on any particular data point.  We just wanted to choose a really large number.”

I’ll remember that next time I’m in wage negotiations…

2 Comments leave one →
  1. October 10, 2008 9:28 pm


    Working in policy somehow that does not surprise me.

  2. injera permalink*
    October 11, 2008 8:18 am

    Yeah, I would have thought that a figure like, say, “723 billion” would have been more believable in that “well, they’ve obviously done some sums” kind of way…

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