Title: $700 Billion: Picked Out of Thin Air?
Time/date: Mon, Sep 29, 2008 at 7:49:06 am

You won’t believe where that $700-billion bailout figure came from.

You know where that very important $700-billion figure came from?

Here’s a quote from that Forbes story:

“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.”

They made it up to be sufficiently ginormous to frighten everyone into rapid action.

And it worked.