Is it too much of an exaggeration to claim that the Bush presidency is over, and that President Bush hasn’t been succeeded by Dick Cheney or any of the four people on the Presidential election ticket, but by an unelected Chancellor?
From Naked Capitalism:
This is a financial coup d’etat, with the only limitation the $700 billion balance sheet figure. The measure already gives the Treasury the authority not simply to buy dud mortgage paper but other assets as it deems fit. There is no accountability beyond a report (contents undefined) to Congress three months into the program and semiannually thereafter. The Treasury could via incompetence or venality grossly overpay for assets and advisory services, and fail to exclude consultants with conflicts of interest, and there would be no recourse. Given the truly appalling track record of this Administration in its outsourcing, this is not an idle worry.
(read the rest for context)