Bush actually doesn't have the authority to do this. He just doesn't. "Executive orders" are instructions given to cabinet members. They're no different from any boss telling any employee what he wants them to do.
In this case, this "Executive Order" appears to instruct the Treasury Secretary on certain actions to take that are patently illegal. Any court test should find this order to be completely invalid. Of course, that's AFTER the constitutional rights of a citizen have been trampled....
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