I strongly recommend reading Gregory Davis’ article on the bailout specifically, and accountability in general. It is a close mirror of many of my own thoughts and feelings with regards to the bailout. One of my favorite parts is this question, which Congress should have asked to Sec. Paulson and Mr. Bernanke:
Chair: Mr Paulson, Mr Bernanke, you say we are in a grave crisis in which only immediate and sweeping action will stave off disaster. OK, fine. Question: How on earth did you let it get this bad? Why on earth do we have a Treasury, a Fed, an SEC, etc. if not precisely to bring impending crises to light and forestall this sort of disaster? Either we are dealing with some sort of truly sinister conspiracy, or we are dealing with criminal incompetence. Gentlemen, which is it?