Tucked neatly into the language of the legislation being pushed are these nuggets:
"The three key provisions: (1) The Treasury Secretary is authorized to buy up to $700 billion of any mortgage-related assets (so he can just transfer that amount to any corporations in exchange for their worthless or severely crippled "assets") [Sec. 6]; (2) The ceiling on the national debt is raised to $11.3 trillion to accommodate this scheme [Sec. 10]; and (3) best of all: "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency" [Sec. 8].
Put another way, this authorizes Hank Paulson to transfer $700 billion of taxpayer money to private industry in his sole discretion, and nobody has the right or ability to review or challenge any decision he makes."
If the Bush league had ANY record of being able to accurately assess a problem facing the country, such unchecked authority would be dubious. Given the reality of constant failures from these officials and their cheerleaders, to simply go along with this plan and not actually discuss and dissect it before taking actions with worldwide influences -- that's pretty much insane.
Carefully exploring the proposed bailout is even more of a mandate as it arrives from the constantly failed and unchecked realm of "The Decider".
The topic is being discussed, thankfully, both in the media and in public forums, with such concerns in mind and about the origins of the problems and those responsible - here and here and here - just for examples.