The FDIC has a new plan to save itself, one that has already prompted cheering and backslapping in the banking industry.

Instead of hitting the industry with a huge one-time fee, which would hurt profits and stock prices, and instead of running hat in hand to the Treasury for a direct bailout, which would force Sheila Bair to genuflect before Tim Geithner, the FDIC will borrow tens of billions of dollars from banks.

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