Rush to Give Taxpayer Money to Wall Street Echoes Bush Rush to War

"You can draw some valid parallels between the prosecution of the war under the Bush regime and the way the financial sector has operated in recent years," said Tom Schlesinger, head of the nonprofit research group Financial Markets Center in Howardsville, Va.

"It fails the most basic test of democratic accountability," Schlesinger said.
[...]

Some policy observers point to a "trust us" mentality in the administration's call to obtain sweeping powers that are scant on checks and balances on the executive branch. In addition, the White House is faulted with a failure to raise alarm before the situation spiraled out of control, forcing the mobilization of more troops and untold financial resources.

Outlining the administration's remedy, Treasury Secretary Henry Paulson came up with a three-page plan to spend $700 billion on toxic mortgage debt that was very spare on key details.

It boils down to "give me the money and trust me," Schlesinger said.

James Angel, a professor of finance at Georgetown University, said the White House appears to be "flying by the seat of their pants."
[....]