I noticed this, too:
At the Banking Committee hearing today, Chuck Schumer–not generally known as someone who is tough on Wall Street–asked Hank Paulson a reasonable question: why do you need $700 billion right now? You said you were going to use about $50 billion a month; so why don’t we give you $150 billion now and then come back in 3 months?
And Paulson simply refused to answer the question.
This bailout may really be necessary, and all my snarking and concern about the politics of this aside, I think it is in fact necessary. Enough people who have no reason to be supporting this (think Krugman) support it, and enough of you commenters have chimed in to make the case that I am convinced. That being said, the arrogance of this administration is not making this easy.