Bailout Passes


The Senate approves the deal heartily. The “sweeteners” used to (a) bolster support in the Senate, and (b) give House members a pretext for changing their mind are, as is the nature of these things, something of a mixed bag. Raising the FDIC cap is a no-brainer and really should be done even if there were no bank panic as the $100,000 figure hasn’t been adjusted for inflation in a long time. Indeed, they should probably index it to inflation.