Most Presidents Ignore the Constitution

"Most Presidents Ignore the Constitution" by Andrew P. Napolitano on the Wall Street Journal:

There is no power in the Constitution for the federal government to enter the marketplace since, when it does, it will favor itself over its competition. The Contracts Clause (the states cannot interfere with private contracts, like mortgages), the Takings Clause (no government can take away property, like real estate or shares of stock, without paying a fair market value for it and putting it to a public use), and the Due Process Clause (no government can take away a right or obligation, like collecting or paying a debt, or enforcing a contract, without a fair trial) together mandate a free market, regulated only to keep it fair and competitive.

The $700 billion bailout of large banks that Congress recently enacted runs afoul of virtually all these constitutional principles ....