This article raised my spirits this morning, though I admit that without seeing the details of their case I cannot judge their chances of success. It sounds like some conservatives with backbones (FreedomWorks Foundation, led by Dick Armey) will be challenging the constitutionality of the TARP by filing a lawsuit. With the Supreme Court’s current make-up, I am hopeful that rational minds will prevail and strike down the Bailout (in its current form, anyway) as unconstitutional. To me, apart from the staggeringly idiotic waste of money it represents, the TARP bailout has troubled me for its clear violation of the separation of powers, conferring unprecedented discretionary spending power to the executive branch with no Congressional oversight to date. Again, I am hopeful that this will kill the concept of the bailout in its current form as a federal institution, but $350 billion worth of damage is already done and who knows how much more of the second $350 billion will be spent before this lawsuit sees the light of day. And I’m sure that Congress will find a way to navigate through the Supreme Court’s ruling (whatever it may be) to resurrect the bailout in a new and “constitutional” form.