Bush Administration Seeks Unchecked Power to Buy Mortgages

They want the courts to stay out of it (of course they do). It's being called "an unprecidented government intrusion into the markets." (Bloomberg)

"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.''

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