Is it me or does it seem like FDIC Chairwoman Sheila Bair is about the only person in Washington who gets it. Just the other day, we saw her fighting Tim Geithner’s bumbling plan back in mid-2007 to let banks set their own capital levels.
Yesterday she called for the FDIC to be empowered to close down institutions that are “too big to fail.” Why her agency? Because it’s already set up to do the dirty work.
Planet Money's coverage of what goes into a bank takedown (aside from being great entertainment) makes we wonder how well the FDIC would cope if it tried to take down Citi or BofA in a similar fashion.
I don't think they have the manpower, but then - they've been hiring for awhile...
Oh, c'mon. A guy can dream.
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