Bloomberg offers an excellent rundown on the bailout, including condemnation from Nouriel Roubini, who has been correct on this crisis since day one:
The Bush administration sought unchecked power from Congress to buy $700 billion in bad mortgage investments from financial companies in what would be an unprecedented government intrusion into the markets.
Through his plan, Treasury Secretary Henry Paulson aims to avert a credit freeze that would bring the financial system and the world's largest economy to a standstill. The bill would prevent courts from reviewing actions taken under its authority.
"He's asking for a huge amount of power,'' said Nouriel Roubini, an economist at New York University. "He's saying, `Trust me, I'm going to do it right if you give me absolute control.' This is not a monarchy.''
(*No, I won't call these people "capitalists". It's clear that they aren't in any serious sense. It's much closer to an organized crime racket, or as I put it, a socialist oligarchy. The economic minds of the Bush crowd more closely resemble the crooked makeup of Putin's Russia than anything from the West.)