OUT ON BAIL

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Description: As we go to press, Congress is poised to give Treasury secretary Henry Paulson 5 percent of our GDP to make the worst possible investment. He wants taxpayers to take out Wall Street's trash-and pay $700 billion for the privilege. Though the analysts who proved most prescient believe we're still a long way from the bottom, Paulson plans to buy up toxic assets at "fair market prices"-which is to say more than market prices since holders wouldn't otherwise sell. His bonus for brokering the raw deal? Powers any dictator would covet: "Decisions by the Secretary ... are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."
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