It took Federal Reserve Board Chairman Alan Greenspan some time to come up with an excuse for opposing the long proposed and broadly supported increase in bank deposit insurance, from the present $100,000 to the inflation-adjusted level of $200,000, but when he finally came up with one, it was a doozy.

Mr. Greenspan says his opposition is due to his concern that - now get this - it would give "increased subsidies to upper-income individuals." Mr. Greenspan was pictured either holding his nose or trying to keep from breaking out in raucous laughter.

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