A less appreciated feature of Paulson's bailout plan is his demand for freedom from accountability. Congress balked at Paulson's demand that the executive branch's conduct of the bailout be non-reviewable by Congress or the courts: "Decisions by the secretary pursuant to the authority of this act are non-reviewable and committed to agency discretion." But Congress substituted for its own authority a "board" that possibly will consist of the bailed-out parties, by which I mean Republican and Democratic constituencies. The control over the financial system that the bailout would give to the executive branch would mean, in effect, state capitalism or fascism.
If we add state capitalism to the Bush administration's success in eroding both the U.S. Constitution and the power of Congress, we may be witnessing the final death of accountable constitutional government.