“Everyone agrees that something major must be done. But Treasury Secretary Henry Paulson’s $700 billion rescue plan is demanding extraordinary power for himself — and for his successor — to deploy taxpayers’ money on behalf of a plan that, as far as I can see, doesn’t make sense,” wrote columnist Paul Krugman.
He concluded: “Paulson insists that he wants a ‘clean’ plan. ‘Clean,’ in this context, means a taxpayer-financed bailout with no strings attached — no quid pro quo on the part of those being bailed out. Why is that a good thing? Add to this the fact that Paulson is also demanding dictatorial authority, plus immunity from review ‘by any court of law or any administrative agency,’ and this adds up to an unacceptable proposal.”
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