Tuesday, September 30, 2008
When $700B Is Chump Change
Newspapers like to scare us with figures -- like the $700B-Paulson-not-a-bailout-package -- that have no context. Yes, $700B is slightly more than I make as an unemployed writer, but the U.S. financial system held $62.7 trillion in assets at the beginning of this year. For comparison, that's like calling me, at 5'10", tall, amidst an NBA populated by players well over 550 feet in height.