This was a great question by Senator Chuck Schumer. He asked Secretary Paulson at yesterday’s hearing how the 700 billion dollar figure was arrived at. He asked for an explanation as to why Congress shouldn’t give them only a fraction of that. While $150 billion is nothing to sneeze at, but it is a lot better than $700 billion. Would it not be better to give some for immediate needs and keep the rest contingent upon the situation.
Paulson doesn't think so. I made a mistake last Friday when I was complimentary of Henry Paulson.