I called it socialism, Senator Jim Bunning (R-Ky.) agrees:

“[W]hen I picked up my newspaper yesterday, I thought I woke up in France,” Bunning said during the hearing. “But no, it turned out it was socialism here in the United States of America and very well, going well. The Treasury secretary is now asking for a blank check to buy as much Fannie and Freddie debt or equity as he wants. The Fed purchase of Bear Stearns assets was amateur socialism compared to this.”

… “And for this unprecedented intervention in our free markets – what assurances do we get that it will not happen again? Absolutely none,” Bunning added.