The shell game continues as President Biden promises to guarantee all the deposits in the failed banks while guaranteeing that no money will come from taxpayers. It will come from the FDIC (Federal Deposit Insurance Corporation) which guarantees losses in case of bank failure up to $250, 000. That fund is supported by deposits made by the banks as insurance premiums in the event they fail. However, President Biden is guaranteeing all deposits, even those exceeding the $250,000 limit so if losses exceed that limit, it will come out of taxpayer dollars. Since small depositors will fall within the $250,000 limit, it is the large depositors that President Biden is benefiting. So essentially, the government is using taxpayer funds to benefit the rich. In addition, President Biden has also made a bold move that may bring down our entire banking system. He has stated that the government will not bail out the banks, but has promised to protect depositors of the failed banks. While bailouts support the bank to keep it in business, guaranteeing deposits is a literal takeover of the banking system, where the government, not the bank handles the banking.