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.
H/t Balloon Juice.
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