By Gary D. Bass, OMB Watch
Published September 25, 2008 on CJR.org, the website of the Columbia Journalism Review
Only a few days ago, Treasury Secretary Henry Paulson asked Congress to pass legislation that would allow his department to use $700 billion to purchase mountains of bad debt. That's 5 percent of the nation's total annual economic output, or to put it another way, that's even more than what has been spent on the war in Iraq. The magnitude of the funds requisitioned is matched only by the administration's requested level of unchecked power and opacity in how it would execute this historic market intervention.