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MOB #82 – Recession Scams & Mixed News

March 23rd, 2009 · podcasts

In this week’s episode of Millionaire or Bust, we started off with mixed news:

  1. The DOW closed up for the second straight week even though it was down Friday at 7,278.
  2. May crude edged up 3 cents to settle at $52.07 a barrel.
  3. The price of U.S. gasoline was down for the first time in 3 weeks.
  4. Bank of America’s CEO said that B of A could repay TARP funds in 2009.
  5. This week in bank failures brought us 3 banks failures, bringing us to 20 so far this year. Plus there were two big credit union failures.
  6. The number of new housing projects that builders broke ground on in February rose 22.2% from January.
  7. US Postal Rates are to go up to $0.44 on May 11.
  8. The Obama administration on Thursday launched a new Website to provide information to home owners about its mortgage modification and refinancing programs.
  9. JoS. A. Bank Clothiers on Tuesday announced a program that offers a full rebate on the price of a suit if the purchaser loses his job. And, the consumer can keep the suit.

Then, with the news out of the way, I go over five scams that are on the rise as a result of the recession.

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4 responses so far ↓

  • 1 finance deals // Mar 24, 2009 at 4:33 am

    I mean all these businesses involved in scams and spending lavish amounts of money during a recession. How can they do that during a recession? Each day there’s some billionaire or millionaire or company who scammed the company and investors.

  • 2 Shawno // Mar 24, 2009 at 11:43 pm

    I was looking at that making homes affordable site. I want to know if you have to already be heading towards foreclosure to be part of that or if anyone can apply for it (within the limitations of what’s listed on the site, of course)?

    And you mean to tell me that the website isn’t a legitimate government portal? Now I regret giving them my Social Security and credit card numbers.

  • 3 Maria Isabel // Mar 26, 2009 at 11:24 pm

    Nowadays it is hard to know who are the good guys. Thanks for the information.

  • 4 David // Mar 31, 2009 at 5:49 pm

    @shawno From what I understand, you have to be on your way to foreclosure. They really don’t do much to help responsible people or those that are lucky not to have lost their jobs. It’s mainly to help those that had bad luck or just made some less than optimal financial decisions.

    Oh, and yeah, shouldn’t have given those number. Glad that I know you didn’t give any of those number away. 🙂

    @finance deals I have to say that people that want to cheat people, can do it in an up market or a down market. They’re probably just more likely to get caught in a down market, especially one like this one. That’s when everyone starts paying attention to their money. As long as the money keeps rolling in, people don’t notice the cheating. That’s pretty much what happened with Madoff. He went until the lie couldn’t be concealed anymore.

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