While it is indeed anti populist to do an end run around congressional restrictions, upon closer examination there may be good reasons for it.

The Congressional restrictions would require recipients to turn over ownership stakes to the government, as well as curb executive pay. Many businesses which are critical to the recovery are resistant to turning over shares to the government.

There are three out of five bailout areas the administration wants to get around. The requirements were implemented in a program injecting public money directly into banks. Congress exempted another program, which aids lenders who modify mortgages for struggling homeowners.

The three the admin gets around: Support for small business loans; support for the markets that finance credit cards, auto loans and student loans; and exempt financial firms that participate in a program designed to find private investors to buy the toxic assets on the books of banks.

Boosting struggling small businesses, freeing up the flow of credit and shrinking that huge black hole of toxic assets with as much private investment money as possible are all critical to getting the economy moving.

I think it can be honestly argued the administration is doing what it's doing because they are earnestly trying to fix the immediate core problems.