Thanks to Cartago Delenda Est for this one. I have been wondering the same thing: Where do these quasi-governmental agencies like the Fed get the authority to spend tens of billions of dollars of taxpayer money on bailouts? Where I come from (the U. S. of A.) the House of Representatives has the power of the purse.
Where is Congress?
Here's my theory: there may be some Constitutional ground for QUANGOs (QUAsi-Non Governmental Organizations) to determine spending--but I'd sure like to know what it is. But, regardless, the reason Congress isn't involved is because they don't want to touch this with a ten foot pole.
This is a result of the invertebrate nature of politicians in general, who want someone else to take the responsibility when it really belongs to them.
In other words, nothing new here.