Taxpayers and the Dodd Bill

The FDIC could borrow vast sums to bail out failing banks and their creditors.

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BY PETER J. WALLISON

Last Thursday, at New York's Cooper Union, President Obama promoted the Senate financial reform bill while castigating its opponents. "Now, there's a legitimate debate taking place about how best to ensure taxpayers are held harmless," he said of Sen. Chris Dodd's legislation. "But what's not legitimate is to suggest that somehow the legislation being proposed is going to encourage future taxpayer bailouts, as some have claimed. That makes for a good sound bite, but it's not factually accurate. It is not true. . . . And nobody should be fooled in this debate."

Who is actually fooling the taxpayers about ...

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