Wednesday, July 23, 2008

Bailout Without Hard Numbers

Our fearless leaders expect the mortgage bailout to probably cost $25B. But it might be $0, and it might be $100B. And just to be sure, Congress will raising the debt ceiling by $800B.

From the NYT: A Mortgage Rescue Strains Calculations

The budget office said the chances were better than even that a rescue would not be needed before the end of 2009 and would not cost any money. But the office also said there was a 5 percent chance that the mortgage giants, Fannie Mae and Freddie Mac, could lose $100 billion.

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