Steve Waldman has some further thoughts on James Surowiecki's argument that the FDIC's protection of private investors in the Geithner plan will work like the FDIC's long-time role protecting private depositors (and thus, banks). Waldman doesn't buy it. But particularly interesting are his insights on how the FDIC's depository insurance changed in recent years. Two decades ago, he suggests, the FDIC's role in guaranteeing bank capital did not look like the Geithner plan. In 2006, it did.