​Deposit insurance can buffer bank woes CHRIS FARRELL ​Feeling a queasy sense of déjà vu with the current bank turmoil? The reverberations from troubles at Silicon Valley Bank, Signature Bank, Credit Suisse, and others bring back bad memories of the failures, rescues, and bad economic times from 15 years ago.

There are sound reasons to believe the economic damage will be better contained this time around (fingers crossed).

Should we do more on our own to monitor the financial health of our bank or credit union before trouble erupts? “Some consumers want to dig deeper in the financials of their bank to avoid frozen deposits or other inconveniences,” writes John in an email. He wanted to know “how consumers can do their own due diligence beyond whether their deposits are FDIC insured.”

Even though banks publish a lot of numbers, the reality is their financial health is difficult for outsiders to understand.

Among the reasons listed at a Wharton School conference years ago include that banks “are credit-sensitive, they are opaque institutions, they hold illiquid instruments and they are vulnerable to sudden regime shifts.”

That’s the beauty of deposit insurance. You don’t have to understand the financials. All you need to know are the Federal Deposit Insurance Corp. rules or, if your financial institution is a credit union, the National Credit Union Share Insurance Fund. (FDIC and NCUA coverage are essentially the same.) Briefly, balances up to $250,000 per person per institution are protected depending on account ownership.

However, it isn’t hard to increase that coverage. For example, a couple could open a joint account. They are eligible for $500,000 protection on the joint bank account ($250,000 per owner) and $250,000 for each of their individual accounts at the same bank. The classic way to add coverage is to have accounts at different banks under the $250,000 limit.

Not many of us have to worry about breaching the $250,000 limit anyway.

You should still make judgments about where you bank.

I pulled my money from a too-big-to-fail bank marred by a series of scandals and deposited it into a local bank that focuses on small-business lending. (My main bank is an online bank.) I am well (and I mean well) under the insurance limits. I also think it’s prudent to deposit money at more than one insured institution.

Your money is safe, but if the FDIC does take over your bank there might be a wait before you can gain access to the account.
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Chris Farrell is economics contributor to the Star Tribune, Minnesota Public Radio and American Public Media’s “Marketplace.”

REAL ID DRIVERS LICENCE ​What is REAL ID? Passed by Congress in 2005, the REAL ID Act establishes minimum security standards for state-issued driver's licenses and ID cards. The Act refers to federal anti-terrorism laws and regulations that control access to the following:  Federally regulated commercial aircraft. Federal facilities requiring identification to enter, such as military bases or nuclear power facilities.

​The Act prohibits federal agencies like the Transportation Security Administration (TSA) from accepting driver's licenses and ID cards for official purposes from states that do not meet minimum security standards. Federal enforcement of REAL ID begins on May 7, 2025.

Do I need a REAL ID to travel on domestic flights? ​Minnesotans can use their standard driver's license or identification cards for federal purposes until May 7, 2025. 

Beginning May 7, 2025, a REAL ID-compliant driver's license or identification card or another federally approved form of identification will be required to board a domestic flight or enter a federal facility. These include: Minnesota enhanced driver's license or identification card U.S. passport or passport card Foreign government-issued passport U.S. Citizenship and Immigration Services Employment Authorization Card (I-766) Permanent resident card Border crossing card Federally recognized, tribal-issued photo ID  U.S. Department of defense ID, including IDs issued to dependents Visit the TSA's website for a complete list of acceptable documents. ​ 
Minnesota began issuing REAL ID-compliant licenses on Oct. 1, 2018.

Will minors need to have a REAL ID to fly domestically? The TSA does not require children under age 18 to provide identification when traveling with a companion within the United States. The companion will need acceptable identification.

Do I need a REAL ID to visit a federal facility? When planning a visit to a federal facility, visitors should contact the facility to determine what identification will be accepted.

Do I need to get a REAL ID-compliant driver's license or ID card? No. A REAL ID-compliant card is optional and is not needed for the following: Being licensed to drive. Voting or registering to vote. Entering federal facilities that do not require a person to present identification. Applying or receiving federal benefits. Accessing health or life-preserving services (including hospitals and health clinics), law enforcement or constitutionally-protected activities (including a defendant's access to court proceedings). Participating in law enforcement proceedings or investigations.
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How do I decide if I should apply for a REAL ID? Determining which type of license or ID card works best depends on what a person needs to use the card for. If a driver's license is needed for federal use, such as boarding federally regulated commercial aircraft, accessing federal facilities or entering nuclear power plants, a REAL ID-compliant card or enhanced driver's license or enhanced ID card would be required. 

Someone who needs a driver's license only for identification purposes and lawful driving privileges does not need a REAL ID or enhanced driver's license or ID card.  Review the information on the license/ID options page for more direction.
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Do I need to submit my REAL ID application by May 7, 2025?
May 7, 2025​, is the federal full enforcement deadline, meaning you will need a REAL ID, enhanced driver's license or ID card, passport or passport card, or another accep​​​table form of identification to board domestic flights or enter federal facilities.  Minnesotans can apply for their REAL ID now or after May 7, 2025. If you don't need a REAL ID right away, you do not need to ​apply for one by May 7, 2025.
For example, if your license doesn't expire until 2026​, and you plan to use your passport as your federally-approved for​m of identification starting May 7, 2025, you may choose to wait to apply for a REAL ID when your license expires.

If you have travel plans after May 7, 2025, and do not have a passport or another acceptable form of identification, you should apply for your REAL ID or enhanced driver's license now.

What's the difference between a REAL ID, standard driver’s license and enhanced driver’s license?
Use a standard driver's license or ID card to: Lawfully drive or show identification. Board domestic flights before May 7, 2025. Use a REAL ID driver's license or ID card to: Lawfully drive or show identification. Board domestic flights (REAL ID compliant form of identification is required for U.S. travelers 18 and over starting May 7, 2025.) Visit military bases. Access certain federal facilities, like nuclear power plants. Use an enhanced driver's license or ID card to:  Lawfully drive or show identification. .  Comply with REAL ID requirements when boarding domestic flights and accessing certain federal buildings. Re-enter the United States at its land borders or seaports when returning from Canada, Mexico, Bermuda or the Caribbean.

Not sure if you need a REAL ID?
Use the online Help Me Choose tool at drive.mn.gov to select the best license or ID type for your needs. ​ 

What if I already have a Minnesota enhanced driver's license or ID card (EDL/EID)?
Minnesotans who already have an EDL or EID can continue to use it to board domestic flights or enter federal facilities even after May 7, 2025.  EDLs and EIDs are federally-approved border crossing documents under the Western Hemisphere Travel Initiative. Minnesota residents are able to apply for an EDL or EID now. For more information visit the EDL/EID web page.
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Are the requirements the same for a REAL ID and an enhanced ID? The requirements are not the same. Enhanced driver's licenses and identification cards are: Only issued to U.S. citizens. Require additional documentation to obtain, such as proof of citizenship, and proof of photographic identity. Require you to complete an interview questionnaire at the time of application. An enhanced driver's license or identification card is REAL ID compliant and offers the additional benefit of travel by land or sea to Mexico, Canada and some Caribbean countries.

If I want to apply for a REAL ID or enhanced driver's license but do not have the correct documents, can I simply apply for a standard driver's license?
​​Yes. If you are at your local office and decide you want to apply for a standard driver's license instead of a REAL ID or enhanced driver's license, you may do so.

 If you already submitted an application for a REAL ID or enhanced driver's license, receive a letter in the mail stating more documentation is required and wish to change your application to a standard driver's license, you must return to your local office to apply for a standard driver's license. You will receive a refund for your previous application, with the exception of the filing fee and will pay the standard driver's license fees.

Can I apply for a Minnesota REAL ID by mail while out of state? ​No. All REAL ID applications must be submitted, along with required documents, in person at a local DVS exam station, deputy registrar office or driver's license agent office.

Do I have to renew my driver's license or ID card early to get a REAL ID? A REAL ID-compliant card is optional, so there's no need to renew early unless you choose to.

My new driver’s license arrived and it says it’s not for federal identification. What does that mean? A standard Minnesota driver’s license or identification card is marked "not for Federal Identification. The standard driver's license you received is authentic and will continue to be acceptable for driving privileges, but it is not REAL ID-compliant and will not be acceptable for federal purposes such as boarding domestic flights after May 7, 2025​. 

 A REAL ID is marked with a gold star. 
An enhanced driver's license or ID card is marked with “Enhanced Driver's License" or Enhanced Identification Card" and cards issued after Jan. 1, 2021, also have a gold star on them.  

At which locations can I apply for a REAL ID? REAL ID-compliant driver’s licenses and ID cards became available at most driver’s license office locations Oct. 1, 2018. Use the Find Office Locations search for a listing of offices near you. 

What are the requirements to obtain a REAL ID? Applying for a REAL ID requires additional documentation mandated by federal law. You will need to provide: 1 document to verify identity, date of birth and citizenship, such as a passport or birth certificate. 1 document proving your Social Security number, such as a social security card. 2 different documents proving Minnesota residency, like a valid driver's license and credit card statement.​ Complete List of Documents Required
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If I already have a REAL ID, and move, do I need to re-apply for a new REAL ID and pay another fee since my address has changed? If you have a REAL ID and move to a new Minn​esota address, you will need to reapply for a duplicate REAL ID and: Provide two ​ne​w proofs of Minnesota residency documents. Pay the duplicate application fee.

If your name has changed as well, you will need to provide additional identity documents that show the change of name. ​. 


 If I apply for a REAL ID, is my personal information being entered into a national database? No. The information you give to the Minnesota Department of Public Safety Driver and Vehicle Services division (DPS-DVS) is held securely and not shared or entered into a national database.


Will any additional information be stored on the magnetic strip of a REAL ID compared to a standard driver's license? No. The information stored on the magnetic strip of a standard and REAL ID is the same. It is the data shown on the front of the card.


I submitted an application before Oct. 1, 2018. Did I get a REAL ID? No. REAL IDs were not available before Oct. 1, 2018. REAL IDs also require different documentation, mandated by federal law, than standard driver’s licenses or ID cards or enhanced driver’s licenses (EDL) or ID cards (EID).


How can Minnesotans get help? For driver services questions (licenses, ID cards, driver compliance and exams) send an email to dvs.driverslicense@state.mn.us, and include your full name and date of birth with your question. You can also call 651-297-3298.

For vehicle services questions (ownership transfers, titles, liens and vehicle registration) visit the DVS website and submit your question using the vehicle services contact forms. You can also call 651-297-2126 or email dvs.motor.vehicles@state.mn.us and include your full name, date of birth and license plate or VIN number with your question.

Liz Cheney's Path to the Presidency -- the T Word Larry Kotlikoff Aug 18, 2022 Larry Kotlikoff Warning: If you are an ardent supporter of former President Trump who believes the election was stolen, do not read this. It will deeply upset you. Also, don’t read this if you only seek my views on economics and personal finance.

Still here? Let me provide some quick background for what’s coming. I ran for President as an independent write-in candidate in 2016. This tells you three things. First, I’m neither a Red nor a Blue. Second, I thought neither Trump nor Clinton should be running the country. Third, I’m an unusual academic economist. _________________________________________________________________________

​Google the word treason. Here’s the first thing that comes up: The crime of betraying one's country, especially by attempting to kill the sovereign or overthrow the government.

This perfectly describes former President Trump’s infamous actions on January 6th. Liz Cheney has detailed Trump’s perfidy with all manner of words except one — the T word, Traitor.

America’s other great traitor was Benedict Arnold, who turned coat and attempted to deliver West Point to the British in the middle of the Revolution. Arnold provided outstanding military service to the country, but he felt under-appreciated. He and his high-society wife were also crazed about money. And Arnold’s deal with the British paid him handsomely.

Under-appreciated and obsessed with money. Hmm. Who fits that bill? I think Trump betrayed and continues to betray our country in a host of ways. Indeed, I was the first person to call him a traitor in print. (Before it was changed by Forbes editors, this 2018 column’s title was Time to Call Trump by his Real Name — Traitor.)

Traitor is a strong word. So, let me ask a few questions to check if the appellation fits. Let’s start with the basic one, the answer to which Google knows by heart.

What does it mean to commit treason? It means attempt to overthrow the government. Does someone who organizes a massive gathering, which he knows is armed, directs them to march to the Capital, and tells them to “fight like hell” — to “persuade” the Vice President and members of Congress to nullify the election -- Is that person attempting to overthrow the government by intimidation if not direct violence? Absolutely.

Does someone who sits back and avidly watches the mob ransack the capital and assault 140 police officers, leading to deaths, suicides, and permanent injury, and not lift a finger to stop the attack -- Is that person acting by not acting? He certainly is.

Would Trump’s shouting “attack, maim, destroy, hang” have been any different from what he did — let others say those words and commit those crimes in his name, knowing that they knew he was endorsing their words and actions with his silence? It would have been no different.

​What do we make of Trump’s failure to order the mob to stop its attack when he had the power to do so? Does this tell us he was ordering the mob to sustain its attack right up to the moment that he ordered it to disperse? It does. Did Trump know he had the power to order his mob to stand down? Certainly. Why else would he have spent hours turning down desperate pleas from his most ardent sycophants to tell the mob to leave? Why entertain those pleas if he had no such power?

The January 6th Committee has done an outstanding service to the country in presenting the facts of January 6th. But it has failed to make clear that Trump’s failure to act — for 3 hours and 7 minutes — was, itself, an action. By letting the attack continue and by sending, mid-riot, two tweets that were obvious coded messages telling the mob to continue their attack, Trump directed the attempted overthrow of our government in real-time.

Trump, of course, is Teflon Don. Trump may not be indicted by the Department of Justice for sedition. He may not be indicted by the Department of Justice for wire fraud connected with illegally soliciting campaign contributions. He may not be indicted by the New York Attorney General for financial fraud. He may not be indicted by the Fulton, County Georgia District Attorney for election interference. And he may not be indicted by the Department of Justice for espionage or the mishandling of federal documents.

No matter. Every sentient American who doesn’t believe in Martians knows in their hearts that Trump committed these crimes. They also know Trump is a traitor — the greatest traitor our country has yet produced.

Liz Cheney and I differ on almost all policy issues. But she is a profile in courage. She’s also a politician. And she partly held her tongue running for re-election. Now that she’s lost her Congressional primary race, she’s free to let loose.

Abraham Lincoln, who came up short in two big elections before winning the Presidency, drew a verbal battle line in his first inaugural address:

You have no oath registered in Heaven to destroy the government, while I shall have the most solemn one to "preserve, protect, and defend it."

With those words, Lincoln made clear that he would do whatever was needed to save the union, that there would be war, and that everyone in the country had to take sides.

Cheney is running (not yet formally) for President and doing so against all odds. But those are odds she can change. The key is to call he who should not be named by his real name — Traitor — and to get every patriotic American to do the same.

This will force Trump’s supporters to choose sides. They can continue to stand with the fraudster, the criminal, the con man, the narcissist, the misogynist, the racist, the anti-semite, the fascist, the Putin lapdog, the incessant liar, the Kim Jong-un love object, and the traitor. If they do, it will come at a very painful price.

Or they can jump into the trenches with Cheney and defend our country — not with guns or planes or missiles, but with a single word that starts with the letter T.

​My bet — they will dump Trump like a hot and very rotten potato. Otherwise, they will be haunted for the rest of their days by the image of a traitor staring back at them in the mirror.

IRAQ SITE HOLDS 5,000-YEAR-OLD TAVERN ​ By DAVE KINDY Washington Post Archaeologists excavated what may be the world's oldest bar in the ancient Sumerian city of Lagash. ​You walk into your local bar and order a beer. Your server brings your order, along with a few snacks to nibble on while sipping your brew: dates and some dried fish.

This was likely the experience for patrons at what might be the world's oldest-known bar.

​Archaeologists recently excavated a site in Iraq dating to around 2700 B.C. in the ancient Sumerian city-state of Lagash that they think could contain the oldest tavern ever discovered.

"We found the remains of a public eatery, the earliest that we are aware of in one of the first cities of southern Mesopotamia," said Holly Pittman, a professor at the University of Pennsylvania and project director of the excavation.

A team of researchers from Penn and the University of Pisa announced the discovery in February . The site was uncovered in the fall at Tell al Hiba, located in southeastern Iraq, about 150 miles from the modern port city of Basra.

Archaeologists found a seven-room structure featuring an open courtyard with benches and a large open cooking area with a 10-footwide mud-brick oven. They also discovered a primitive refrigerator, known as a zeer in Arabic. The device consisted of two bottomless clay jars that used evaporation to help cool perishable items.

In another room, the team discovered many c onical bowls that held food and jars that the archaeologists think contained beer.

"We're trying to find out now through lipid analysis what was in the bowls or the jars," said Pittman . "But it looks like this was kind of a McDonald's with prepared food for fast service."

Lagash was once a bustling community with a thriving commercial district in southern Mesopotamia, known today as the "cradle of civilization." Located near the confluence of the Euphrates and Tigris rivers, Lagash was one of the oldest cities of the early dynastic period, about 2900- 2350 B.C.

Some 5,000 years ago, the ancient city was situated on the Persian Gulf, which is about 150 miles away today.

Before digging at Tell al Hiba, the Penn and Pisa archaeologists used drone photography, thermal imaging, magnetometry and microstratigraphic sampling to see what was under the surface. Using these tools, the team detected evidence of manmade objects .

" Our field director, Sara Pizzimenti, was really excited when she told me, 'We have a tavern!' " Pittman recalled. "She trained on Roman tavernas, so she recognized immediately what we had."

Archaeologists don't know for certain what was in the numerous jars at the tavern. However, the vast number of clay stoppers with seals featuring government markings — the ancient Sumerians kept track of goods for tax and quality purposes — indicates that at least some of them contained alcoholic beverages.

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