Honestly, I am increasingly disgusted at this so-called bail out which is actually unprecedented levels of corporate charity? When is the government going to help me with my credit card debt? And remember that all of the changes the Bush administration made to the bankruptcy laws prevent the average American from seeking similar help.
According to Christopher Penn's blog on the economy the legislation on the massive bailout of corporate finance creates a frightening precedent:
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
Commentary: Treasury Secretary Paulson has been made immune from prosecution and basically been given a blank check to do whatever he wants with regard to the government bailout. Congress has given the Treasury the legal right to say that whatever the Treasury does is the law, and therefore cannot break the law.
If this is accurate, we have a complete destruction of any real accountability. Ah the Bush legacy... we can do whatever we want for corporations and nothing for the American people. Again and again.