New at Reason: Jacob Sullum on TARP, the GMAC Bailout, and the Lawlessness of the Bush Administration
The GMAC bailout, writes Jacob Sullum, highlights the lawlessness of the Bush administration, which has ignored statutory restrictions on the Troubled Asset Relief Program (TARP) and treated it as a slush fund for politically favored supplicants. Although he has strongly criticized President Bush for flouting the law, President-elect Obama has applauded the latest manifestation of that tendency. Evidently Obama opposes only the "unnecessary" abuse of executive power.
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