Well, Bush has gone and ahead done it: approved funds under
TARP to bail out Chrysler and GM. Based
on the provision in TARP limiting funds to financial institutions, I believe
that Bush has acted illegally. I haven’t
studied whether I think his plan makes sense as a policy matter – my sense,
though, is that it is better than what Obama and the Democrats would do next
year, but it is worse than the Corker plan.
But the key point is that it is illegal.
I don’t know whether anyone who would want to challenge the
plan has standing to do so. So perhaps
there will be no judicial review and no judicial opportunity to declare it
illegal.
Alas, Bush ends his failed presidency by taking an illegal action for what is probably a bad policy.
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