Hank Paulson’s in charge now. The Treasury Secretary has almost unlimited powers over the nation’s economy now.
Unaccountable and answerable to nobody.
Actually, I don't think anyone is in charge, now. The train is rolling downhill and neither Paulson, Bernanke nor Bush nor Congress (which is clueless) can stop it.
The next time it stops will be at a station called "collapse of US government finances". The debts and liabilities which the Fed and US Treasury have taken on will do little to fix the liquidity issue but will have long term consequences for the dollar, our debt and our ability to service it, I think.