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FDIC reported yesterday that as many as 416 banks happen to be in trouble at the moment. IF all these banks actually fail, FDIC need to have approximately $70 billion to cover all the insured accounts on deposit with these banks. (Remember that every account is insured to a $250,000 limit). So, if your worst case scenario to be able to pass, where does FDIC get the particular? Yes indeed, the Treasury – which translated means the tax payers.

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Ben Bernanke was target of Identity fraud recently. Feels that a purse snatcher grabbed his wife’s purse, and have been on a runaway spending spree, from the Bernankes. The FBI is hot on the trail of this purse snatcher. He/she picked the wrong person to victimize this.