Writing Blank Checks

If you've had even the slightest exposure to the news over the last few days, you know that there is currently a plan being pushed through Congress to bail out banks to the tune of 700 Billion Dollars.  So, because I don't know that much about macro economics and wasn't sure exactly what my tax money was buying I did a little research.  Along the way I came across this video on Boston.com from Barrack Obama regarding what happened yesterday in the negotations.

Don't know how to hyper link in the blog format but the video can be found here...

http://multimedia.boston.com/pub/m/21046842/obama_confident_bailout_plan...

Now, I'm not here to try and persuade you to think anything positive or negative about Mr. Obama.  However, I found something he said to be a little amusing/scary.  You see, at about the 1:30 mark he makes a remark that makes one scratch their head.  "This administration (referring to the Bush administration) started off by asking for a blank check of 700 billion dollars..."  Now, this guy claims to have a grasp on the economy and answers to all our problems, but apparently doesn't know how a simple check works.  You see, you can have a blank check with no amount, or an exact check for an exact amount, not both.  The administration asked for exactly 700 billion dollars, not a blank check.  A blank check could have been for any amount they wanted.

Had G. Bush made a mistake like that, the pundits would have a field day showing the clip and going on about how he doesn't have the intelligence of a lower primate.  Somehow, I think Obama will be given a pass.