AT THE CONGLOMERATE: “There’s really no statutory authority for the AIG takeover . . . I suspect we’re at the ‘anything goes in an emergency’ stage of things. But maybe reasonable minds could disagree.” As various people in the Bush Administration have learned, the “emergency” stage doesn’t prevent people from second-guessing you later once they feel safe. Will that happen here?

Similar thoughts from Megan McArdle. “Their authority is this: who’s going to stop them? No one wants to take on responsibility for this mess themselves.”

And Fabius Maximus observes: Say good-bye to the old America. Welcome to our new socialist paradise! Plus, from Orin Kerr: “I never knew that’s what they meant by an ‘ownership society.'”