Jonathan Macey:

To socialize the American economy, it is not necessary to nationalize every business in the United States. All it requires is to put the corporations that control the finances of all of the companies in the economy under government control. And that is what is happening now.

…The initial forceful injection of capital into hundreds of financial institutions…is the first step in an ongoing process to socialize American finance. When this process is complete, every company in the U.S. that needs capital will first have to curry favor with some federal agency or politician. Solid business plans and prospects for growth and profitability will be far less important than diversity plans and political connections.

Apparently, members of Congress liked the special treatment that Connecticut Sen. Chris Dodd received in getting his mortgage through Countrywide.

Tar. Feathers.