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Where is the economy headed?
It's now stable.
Still falling...don't see a bottom yet.
Reached the bottom and will see growth.
Growing and doing well.
Can you trust your bank?

Written by: Andy Watkins
Editor - BusinessDetroit.com

Many of the media outlets keep speaking about recession and depression as they do everyday on CNBC and Fox Business cable shows. So can you trust your personal bank with your monies....and the answer is absolutely YES. The answer is yes because the federal government helped by increasing the FDIC limit to $250k instead of the $100k amounts to protect your money. Even if you think your bank is in trouble you don't have to worry as long as your have less then $250k in the account. If you have more then that amount then moving the limited amount to another financial bank will protect up to $250k as well. Money markets are now protected as well, which is a great thing due to the high number of accounts people have for their 401k's and IRA's.

I would recommend that you build an emergency fund in your home in a safe location. Build a fund that can get you by for at least one week. So if the worse case situation does occur your protected until the FDIC helps out, which usually is within one day.

So stop worry about what's happening with the stock market and the banks....just push forward and grow your Detroit area business, so we can get out of this mess we are ALL in right now.