As Jennifer Rubin notes:
Now Ben Bernanke and Tim Geithner want the power to seize companies, abrogate contracts and repeat the AIG experience presumably at will. Do we honestly think that this sort of institutionalized capriciousness is a good idea? The Washington Post quotes an official in the private-equity industry: “Anytime you give a political entity sweeping powers, it’s something that you want to be very careful about.” Indeed. We should think very carefully before replicating this sorry tale again and again – thereby imposing the threat of similar treatment throughout the financial sector, which after all is the linchpin of our economic recovery.
And Mark Steyn:
...if you own even modest assets (a small house, a savings account) and you think that in a battle between the political class and the business class it's in your interest for the latter to lose, you're a fool who entirely deserves the vaporization of his wealth on which Barney Frank & Co have embarked.
Likewise, watching a couple of dozen ACORN activists pretending to be indignant citizens leading a ton of news reporters willingly colluding in the fraud around suburban avenues in Connecticut, a talented executive would have to be completely desperate to offer his services to any entity bailed out by the government.
Who in the financial sector in their right mind is going to partner up with this Administration to deal with the financial crisis? I'll tell you who--the very greedy and unethical members of Congress and the ongoingly corrupt businesses with CEO's whose poor judgment and desire to skim whatever they could off the top and personally enrich themselves while leaving their companies and the American people with the toxic remains--that's who.
Because "institutionalized capriciousness" is just a nice way of saying that the State can do whatever the hell it wants to you, your property, and your life.
Say goodbye to "life, liberty, and the pursuit of happiness", and prepare to be assimilated into the collective.