The first cut at the bailout plan by the Treasury seems to give Paulson and company a blank check. They decide which securities to buy at what price from whom. They hire whomever they want to advise them at whatever price they want. They report to Congress in three months and twice a year thereafter.
There is talk of a reverse auction which may do something to give us a better price for the bad stuff we'll be buying, but more oversight is needed.
We don't have time to sacrifice the good for the perfect but there is a risk of that happening in Congress. Of course, what the Congress considers perfect a rational person would consider pandering to get re-elected.
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