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A rusty 1963 Pontiac hits the eBay jackpot, The FDIC mulls a reverse bailout
Good day for cash for clunkers; Bad day for role reversals
 

GOOD DAY FOR: Cash for clunkers, after a man sold a rusty 1963 Pontiac LeMans Tempest with no engine or transmission on eBay for $226,521, instead of his starting bid of $500. Unbeknownst to seller 123ecklin, the car is one of only six LeMans Tempest Super Duty coupes ever made. It was also the fastest drag racer of its day, likely driven by Stan Antlocer. (AutoBlog)

BAD DAY FOR: Role reversals, as senior FDIC regulators are seriously considering a proposal for the FDIC to borrow money from healthy banks, in a sort of reverse bank bailout, so the agency doesn’t have to tap a $100 billion credit line at the U.S. Treasury. Banks like the idea because it wouldn’t entail a rise in FDIC insurance assessments, and FDIC head Sheila Bair is reportedly eager to avoid going hat-in-hand to the Treasury. The FDIC, which has seized 94 failing banks since January, has a dwindling cash balance of $10 billion. (The New York Times)

Monday: Good day for solidarity, Bad day for central planning
Friday: Good day for a geek bidding war, Bad day for feeling the good news

 

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