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MOB #52 – Bailout Proposal, Bank Purchases & Market Implosion

October 2nd, 2008 · podcasts

This episode of Millionaire or Bust is our midweek short episode. I cover the status of the United States government’s bailout proposal, the purchase or nationalization of several banks world-wide and the market implosion on Monday.

I take a moment to put the DJIA’s Monday 777 point drop in perspective. It was the 17th largest drop in percentage terms. Here’s a list of the largest daily DJIA percentage losses in history.

With all this turmoil, you might be wondering what will happen to your accounts. If you’re with Washington Mutual and want to know what the bank failure and purchase by JP Morgan means to you, you can check out the FDIC’s FAQ.

If you’re not with Washington Mutual and you have any questions about what will happen if your bank fails, the FDIC has a more general bank failure FAQ for you as well.

For a more detailed account of what happened this week, catch our Monday episode when we have more time to go into depth. Thank you all for listening.

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2 responses so far ↓

  • 1 David Leggett // Oct 2, 2008 at 6:12 am

    Great show David. I haven’t been keeping so aware to the worldwide economy — so it was very informative to hear about the nationalizing of some banks over the pond.

    Thanks for those facts about the recent drops. Helps me put things in perspective.

    Hope you’ll keep covering the bailout.

  • 2 David // Oct 2, 2008 at 12:03 pm

    David, glad you enjoyed the show. We’ll definitely keep covering the bailout. It’s the biggest financial news of our lifetime and will have large ramifications for everyone financially.

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