The Largest Blank Check in History?

Congress is rightfully raising its hackles on the bailout proposal. This, courtesy of Greg Mankiw:

Rep. Jeb Hensarling (R., Texas), leader of the conservative Republican Study Committee, is gathering signatures for a letter to Messrs. Bernanke and Paulson stating that government bailouts “have set a dangerous and unmistakable precedent” for the federal government. “Federal investment in such large amounts of private ompany stock has the appearance of a socialist and not a free-market approach to managing our economy,” the letter says.