Picking up a theme seen around the liberal blogs, where does the Fed's authority to bail out all these financial institutions come from, obligating taxpayers to many billions in new debt that we already can't afford? When did Congress approve the takeover of Freddie and Fannie? When did Congress extend rescue authority to insurance companies? Or did it come from the Authorization to Use Military Force, the way every other power the government wants was allegedly ceded by the Legislative branch?
The roots of our democracy and our liberty are in law. Without law, we are already sliding into arbitrariness and government by personality.
I'm not arguing against strong measures in the financial markets, including some bailouts. I'm saying that there's a lawful way to do it, and of course the Bushists are not pursuing the messy, difficult business of actually framing a law that allows them to do these things legally. They just don't care.
The largest irony is yet to come. There will come a time again some distant day in the future when Republicans are well-regarded again. At that time, after the worthless assets have been paid off to their foolish investors, the GOPers will suddenly realize that it's creeping socialism for the government to actually hold the valuable assets, and they will stamp their feet and wail that those assets should be privatized in a fire sale to their cronies.
And they'll all get rich yet again.
Update: The Bushists didn't even brief Congress on the AIG bailout. Congress, we don' need no stinking Congress.
Republicans, meanwhile, are already setting up their complaints to cash out in the future.