I'd largely tend to agree with it. I don't think we need money particularly, but aid. The massive number of people left homeless is the issue at this point and money isn't really going to be a short-term help. Then again, the Red Cross is a private organization and doesn't have the deep pockets that the US government has.
Some of the best international pledges I've heard are from Greece, who pledged several cruise ships for displaced people to live on, and from Cuba, who pledged hundreds of doctors and other medical aid. Of course, we won't take Cuba up on that (despite Ms. Rice's statement that "no offers of assistance will be refused") because they're lousy Communists (or something -- I imagine we'll be accepting China's help).
Then there are the pledges from the likes of Sri Lanka, who, despite having just been devastated by the Christmastime Tsunami, have pledged $25,000. A wonderful gesture, but that amount is probably pointless to the US, and probably much better used by Sri Lanka itself.
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Bitt Faulk