Congress is burning the midnight oil negotiating over the bailout package, and I bet you dollar to donuts it'll happen soon. But have you ever wonder how they arrived at the magic number of $700 billion figure for the bailout? The answer may surprise you:
In fact, 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."
Whaaaa? Not based on any particular data point? Then why not make it $888 billion - it's catchier and plus 8 is a lucky number.