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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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