EvaPaterson.com

Does this scenario seem familiar?  Devastation in New York City.  Two towering institutions are hit and collapse into rubble before our very eyes.  Bush and company are caught off guard. Our president has that startled deer in the headlights look (except he's not reading My Pet Goat). Administration officials come up with an ill-conceived plan that they expect the Congress to ratify without scrutiny.  Those with questions as to the wisdom of the plan have their patriotism questioned.  Vast powers are to be granted to government officials.

In the words of New York Times columnist and Princeton Economics professor Paul Krugman:

"...Mr. 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 Mr. 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.

"I'm aware that Congress is under enormous pressure to agree to the Paulson plan in the next few days, with at most a few modifications that make it slightly less bad. Basically, after having spent a year and a half telling everyone that things were under control, the Bush administration says that the sky is falling, and that to save the world we have to do exactly what it says now now now."