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Today: Democrats and Big Banks vs Conservatives on bailout program

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Amidst the fury of the late-2008 banking panic, Congress created a special bank bailout program called the Transaction Account Guarantee, or TAG for short. In brief, it extends a taxpayer guarantee on all deposits, without any limit — in contrast to FDIC insurance, which covers only the first $250,000 of any person’s deposits, and which banks cover (theoretically, at least) through fees. The...

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