Show me the money

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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Kai Ryssdal is the host and senior editor of Marketplace, public radio’s program on business and the economy.
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I was listening to your show last night and I'd like to comment on that. First off, I'm one of those people who've written to congress on this matter, and - yes - I oppose the bailout. In your show you were characterizing people like me as wanting to seek revenge against Wall Street. Let me assure you that's not the case; and moreover I actually resent that characterization as it's shallow and baseless.

It seems to me that the mainstream media is doing a great job of missing out on the biggest story here. That story is how not only the vast majority of the American public, but also the vast majority of economists are opposed to this plan - and yet in the face of that opposition Congress seems determined to do it anyway. Are you aware of the open letter to congress which was signed by over 200 economists from major universities across this great nation? If not, please read it here (it's short and to the point). http://faculty.chicagogsb.edu/john.cochrane/research/Papers/mortgage_pro...

More attention needs to be paid to the majority of economists who are, in fact, strongly opposed to this plan - and for very sound economic reasons. This is not about revenge. This is about good economic policy.

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