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On “The Bailout”, Part 16: “guaranteeing billions of dollars in bank debt”

From the WSJ:

The U.S. is weighing two dramatic steps to repair ailing financial markets: guaranteeing billions of dollars in bank debt and temporarily insuring all U.S. bank deposits.

Note: I am ok with insuring all US Bank Deposits (or at least making it a bigger number).

I don’t know what the above mean. Does anybody else? What is being proposed? I can find no details.

I don’t think they mean they are going to insure all holders of bank bonds. How stupid/useless would that be? Oh crap

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