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Treasury Seeks Asset-Buying Power Unchecked by Courts (Update2)
By Alison Fitzgerald and John Brinsley
Sept. 21 (Bloomberg) -- The Bush administration sought unchecked power from Congress to buy $700 billion in bad mortgage investments from financial companies in what would be an unprecedented government intrusion into the markets.
Through his plan, Treasury Secretary Henry Paulson aims to avert a credit freeze that would bring the financial system and the world\'s largest economy to a standstill. The bill would prevent courts from reviewing actions taken under its authority.
``He\'s asking for a huge amount of power,\'\' said Nouriel Roubini, an economist at New York University. ``He\'s saying, `Trust me, I\'m going to do it right if you give me absolute control.\' This is not a monarchy.\'\'