DeFazio bailout alternative ain’t all that

As I read John Nichols’ description of the Pete DeFazio bailout alternative, I think —

“Where’s the beef?”

Let’s look at a few of Nichols’ touting points:
• SEIU endorsed it? Given Andy Stern, this could be a negative;
• As I’ve blogged elsewhere, former FDIC head Bill Isaac is on record as saying that the idea of an actual pool of FDIC insurance money is a myth without a lockbox;
• There’s no mention on how much, if at all, banks would be charged to expand FDIC insurance limits to $250K.

It’s better than the Pelosi plan, but nowhere near enough.

I’ll have a link to my professional take on this available later; hint: think “special prosecutor” as part of what we really need.