Big Questions Remain

There are three issues related to the Wall Street bailout that I simply can't get my arms around.

First, I am completely stunned by the administration's response to conditions being tied to the bailout plan. Paulson is basically claiming that the institutions will not participate if there are conditions to the bailout money. How does this make any sense? If the fate of the planet rides on this initiative, why would firms hesitate because their taxpayer "banker" wants some security? I don't buy it.

Second, why is Paulson not explaining the theory of this bailout. Thus far, he refuses to explain any details on what is to be purchased and at what rate. Given the incurious and incompetent record of this administration, what buffoon would give them a key to a public restroom at this point, let alone our national treasury? Paulson and Bernake have both said there are no guarantees that this will work. I need some transparency here. Big time.

Finally, why all $700b at once? Paulson has indicated that he will spend about $50b a month. With conditions, and I mean strict conditions, including transparency, oversight, and review, let's give a little and see what they do with it. Doesn't that make some sense rather than dumping a one trillion dollar bill into a sink hole?

This whole thing is unsettling and more information is required. No more unlimited authorizations for anyone.