“We’re” is an understatement, and hundreds of billions might be too…
“We’re talking hundreds of billions,” Treasury Secretary Henry Paulson said in a press conference. “This needs to be big enough to make a real difference and get to the heart of the problem.”
Paulson and Fed Chairman Ben S. Bernanke’s plans, which include the removal of illiquid mortgage securities from companies’ balance sheets, sent stocks from the U.K. to China soaring. The dollar gained, while two-year Treasury notes fell the most in 23 years, sending the yield up from the lowest level since mid-March.
“We’re” doesn’t mean the Treasury Secretary and the Chairman of the Fed personally (although some will inevitably debate whether it includes the mice in their pockets). And as Forbes notes, the price tag will almost assuredly wind up being much more than originally estimated.