Is there enough study to warrant bailout?

As the federal reserve speaks of making a $700 Billion bailout, many questions arise.
"How was this number arrived at?"
"What will this cover?"
"Who will benefit?"

In the video link here http://cosmos.bcst.yahoo.com/up/player/popup/index.php?cl=9844696 Clyde Prestowitz, Economist for the Economic Policy institute says we had "unsupervised markets married with new instruments that noone understood."

Although more regulation is supposed to be part of this bailout plan, as it currently stands, it only calls out for one review every six months.

Treasure Secretary Paulson goes on to say in this video, "Once we stabilize the market, we need to ask how did we get here and what do we do so we don't get here again?"

Is it only me that sees this as premature overreacting, with a lack of parameters, without consumer protection? Shouldn't Paulson understand a bit by now of how we got ourselves into this mess, so that his remedy for it doesn't get us into more trouble?

Hmmm?