Marketplace Morning Report for Thursday, October 1, 2009

Episode Description 
Marketplace Morning Report for Thursday, October 1, 2009

A sharp rise in consumer spending

Consumer spending, propelled by the wildly popular Cash for Clunkers auto sales program, shot up in August by the largest amount in nearly eight years. Steve Chiotakis gets more from Bill Stone of PNC Wealth Management.

Congress eyes big overdraft fees

Some of America's biggest banks have announced changes to their overdraft policies, but that's not stopping Congress from considering a crackdown. Bill Radke talks to L.A. Times business columnist David Lazarus.

Why the Saturn deal fell through

General Motors is getting rid of its Saturn brand after a deal to sell it to former race car driver Roger Penske fell through. Steve Chiotakis talks to Marketplace's Alisa Roth about why the deal flopped.
Posted In: Auto

Was your loan modification denied?

Mortgage holders who have been turned down for loan modifications can at least take solace in a bit of clarity. Starting today, the Treasury will require financial institutions to say why they reject requests. Danielle Karson reports.
Posted In: Housing

U.K. defense firm accused of bribery

British fraud investigators are accusing BAE, the U.K.'s biggest defense firm, with bribery. The fourth-largest supplier to the Pentagon has been accused of paying millions in bribes to win contracts overseas. Stephen Beard reports.
Posted In: Crime

Ag bill favors small dairy farmers

The House and Senate have agreed to reconcile different versions of an agriculture bill worth about $23 billion, which includes a bailout for dairy farmers. Joel Rose explores who the bill would help most.
Posted In: Agriculture

A new era for domain name endings

The Internet Corporation for Assigned Names and Numbers, which is responsible for assigning domain names, will make more endings available beyond just dot-com, dot-net, and dot-biz. That has some U.S. companies reeling. Ashley Milne-Tyte reports.
Posted In: Internet

Designers look to fashion of recovery

With Fashion Week at full speed, we thought we'd get a handle of the industry from an expert. Steve Chiotakis talks to Project Runway's Tim Gunn about what designers are focusing on through the economic downturn.
Posted In: Entertainment

China still growing under communism

Today commemorates the 60th anniversary of the Communist Party's overtaking of China, and the country is still growing in the global economy. Steve Chiotakis discusses why with Marketplace's Scott Tong.

Lewis to retire with over $50M pension

Bank of America CEO Kenneth Lewis surprised the bank's board with his retirement announcement yesterday. Though he won't get a severance package, he will get a pension valued at more than $50 million. Alisa Roth reports.
Posted In: Jobs