The end of central bank independence, a continuing saga
"Why does one person have the right to grant $85 billion in a bailout
without the scrutiny and transparency the American people deserve,"
asked House Speaker Nancy Pelosi (D., Calif) a reference to the loan
the Fed gave AIG with the Treasury’s blessing.
"No one in a democracy, unelected, should have $800 billion to spend as he sees fit," said Mr. [Barney] Frank.
He was referring to Bernanke’s balance sheet and not to Gerald Ford, in case you were not sure. Here is the link, courtesy of Arnold Kling, who responds: "I just get a chuckle hearing a Congressman complain about someone spending other people’s money." Here is Arnold on RTC-like plans.