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MOB #53 – Financial Bailout, Wachovia Bank & Personal Finance Fundamentals

October 6th, 2008 · podcasts

On this episode of Millionaire or Bust, we start off the show by discussing the biggest news of the week, the Congressional approval of the government’s $700 billion financial rescue plan Friday. We talk about what the bailout entails, including extra tax breaks for some businesses and the raising of the FDIC limits from $100,000 to $250,000. Unfortunately, we also had to talk about how that didn’t send the economy soaring immediately afterward and about the increased strain it will put on the U.S. Treasury as a result of the bailout.

We mention some shortages on gasoline from Georgia up to North Carolina that made it hard for some to find gas for a couple days and more expensive when they could. We also discuss rising 30 year mortgage rates and an article from that says that the U.S. economy shed the most jobs since 2003 in the month of September.

Things aren’t all bad though, there are deals out there to be had, including
Toyota announcing 0% financing on 11 models. Also, a Chicago woman bought a house for $1.75 on eBay.

Talking about a good deal gone bad (for Citigroup), Wachovia Bank walked away from a deal with Citigroup to take a better deal from Wells Fargo.

What can you do with the economy fraying around the edges? We discuss some fundamentals of responsible personal finance. We also toss out a few coupon saving sites to help you stretch the money you have a little farther.

  • Then last we address some voicemail feedback we received.

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    1 response so far ↓

    • 1 Christian Debt Services // Oct 6, 2008 at 10:40 am

      Thanks so much for your post. Does anyone remember the days of irrational exuberance?

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