On this episode of Millionaire or Bust, we covered the big three stories. We discussed the Fed reducing the benchmark rate to as low as zero, Bush providing loans to save the automakers and how oil did when OPEC announced a major production cut.
We then discussed how gas prices edged lower after going up for four straight days.
Then because of Talli’s question in a prior show about whether the luxury car manufacturers were suffering in this economy, I pulled a story about Porsche sales falling as the crisis reduced demand for their cars.
Next, we talked about the housing market and how new housing starts fell more than expected last month.
Then we talked about a survey of employers that showed that about half of businesses will cut back on raises, citing the weak economy.
We discussed how, despite the way they feel about their jobs, workers are afraid to change jobs during this economy. We talked a little about why switching jobs might be a good move for some, even though it can be risky in some circumstances.
Then, since we were fed up with hearing about bonuses for the heads of failing companies, we talked about the fitting bonuses given to the executives at Credit Suisse this year. Finally, bonuses that we can get behind! Then, in case you wanted to fly to Switzerland to congratulate the board for their choice of bonuses, we discussed how jet fuel prices dropped, but airfares haven’t yet and why that is.
Before we wrapped up the show, we had to call out a country for a Millionaire or Bust Gold Star award. We talk about how Portugal told its banks to lend or else they would have to give back their bailout loans. About time someone in some part of the world actually made the banks use the money they were given for the purpose it was intended.
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