I wanted to pick up on something from the show last night that went by pretty quickly. I was interviewing Rep. Peter DeFazio about the Senate bill and whether he’ll vote for it in the House (that would be no.)
Anyway, I asked him what’s not in the Senate bill that might change his mind, and he mentioned ‘certificates of net worth,’ where the FDIC essentially vouches for the solvency of banks that’re having short term problems but are fundamentally sound.
Here’s more from the guy DeFazio got the idea from…William Isaac, the former head of the FDIC.
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