Editor's note: Suze Orman answered your questions on AC360° tonight. Here are the questions and her advice.
Anderson Cooper: The Dow's climb on Wall Street finishing up 485 after yesterday's record loss of 778. The Senate is supposed to vote on a bailout plan tomorrow night. Suze Orman is here to answer your questions on the wild ride. The bill the Senate will vote on tomorrow night will raise from $100,000 to $250,000 the amount the FDIC will protect in a bank. What does that mean? Is that a good thing?
Suze Orman: It's a good thing in that people don't have to go to more and different banks if they have more than $100,000. Does that help the little people? Who has $50,000? Maybe they have $50,000 in credit card debt. Very little people we're talking about that will affect. For large banks and large businesses, it makes it easier for them to meet their payroll by dealing with one bank.
Anderson: We have a ton of questions on the website. John writes,
I'm 28 years old with no credit card or student loan debt, my condo is paid off, I have a great job. Should I be taking advantage of the great deals you discussed on your website yesterday?
Suze: Yes, my dear John, of course he should be taking advantage of it. He doesn't have to use his money to get out of debt. How does he take advantage? How do you take advantage of what's going on here?
Editor's note: The following is from report that the McCain campaign sent to reporters today:
This afternoon, Governor Palin took a break from debate prep to pre-tape an interview with Hugh Hewitt, which ran just earlier this hour. Transcript is below. Thanks.
Hugh Hewitt: Governor, your candidacy has ignited extreme hostility, even some hatred on the left and in some parts of the media. Are you surprised? And what do you attribute this reaction to?
Sarah Palin: Oh, I think they’re just not used to someone coming in from the outside saying you know what? It’s time that normal Joe six-pack American is finally represented in the position of vice presidency, and I think that that’s kind of taken some people off guard, and they’re out of sorts, and they’re ticked off about it....
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Bailout Battle: Take Two. We've just learned that tomorrow night the Senate will vote on the $700 billion bank rescue plan, two days after the House failed to pass.
The Senate plan is different. It would rise the federal deposit insurance limits to $250,000 from $100,000. There are other changes, as well. We'll get into the specific tonight on 360.
The bill will be attached to an existing revenue bill the House also rejected Monday. For all you Senate rule buffs (Come on, admit it. You're one of those, right?) the move would allow the Senate to vote before the House to approve the bailout bill. Those sneaky, senators.
GOP presidential nominee John McCain and Democratic nominee Barack Obama and his running mate Joe Biden say they will be on Capitol Hill for the vote.
Get out your crystal ball. Do you think this Senate version will pass tomorrow?
There was a bit of a rebound on Wall Street today. The Dow added 485 points, a day after blue chips sank a record 778-points after the House rejected the bailout bill.
We'll have the the raw numbers and the raw politics tonight on 360 at 10pm ET.
Hope you can join us!
Program Note: Suze Orman will be on AC360° tonight at 10pm ET to discuss how to keep your money safe.
Have questions about how the breaking news will change the market; affect your stocks, mutual funds, 401(k)... your job?
Submit your financial questions here for Suze Orman and watch AC 360’ tonight 10p ET to get them answered.
Editor's note: Arnold Schwarzenegger declines his California governor's salary of $206,500 as a way to help bring the state's budget under control. Here are his comments on the national financial crisis from a press conference today.
QUESTION: The bailout plan stalled in Washington, the stock market in trouble. Is it time for you now to start accepting that governor's salary?
Governor Arnold Schwarzenegger: No. I’m still OK, don't worry about me. But I think that one thing we know for sure, and that is that we want to urge the legislators in Washington, Democrats and Republicans to get together and to put aside all the politics and to think about the people of this great nation. It is very important now that they step in and they do exactly what President Bush has recommended. I think they have a good package there.
Federal investigators want answers in New Orleans. The Civil Rights Division of the U.S. Justice Department and U.S. Attorney’s office in the city have announced they’re investigating the fatal shootings of unarmed citizens by police at the Danziger Bridge just days after Hurricane Katrina hit the Gulf Coast
Their mission: to determine whether any federal criminal laws were broken.
Here’s what we know happened around 9 a.m. on Sunday, September 4th, 2005.
Two men, Ronald Madison, 40 and James Brissette, 19, were killed and four others were wounded as they crossed the Danziger Bridge over the Industrial Canal in eastern New Orleans.
Autopsy results show Madison, a mentally ill man who had no criminal record, was shot in the back several times. No gun was found on him or near him.
Just before shots rang out, police received a Signal 108 – the code for an officer or officers in danger and in need of assistance. Seven officers heard the call at their makeshift office in a banquet hall they’d taken over after Katrina flooded their usual work space.
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President George W. Bush gestures with Carlton Grant Willson as he presents Willson a National Medal of Technology and Innovation during an East Room ceremony at the White House September 29, 2008 in Washington, DC.
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Maverecon blog, FT.com
The US House of Representatives has voted to reject the Emergency Economic Stabilization Act – the $700bn Treasury-funded facility for purchasing and managing toxic assets held by the US banking system.
Opposition to the proposal came from two different sources. A few remaining libertarians and believers in unfettered free enterprise voted against. Even when they recognise the risk that a calamitous collapse in economic activity may result, they view this as a form of creative destruction that is an integral part of a Darwinian market economy. I don’t know anything about Gresham Barrett, a Republican congressman from South Carolina but his statement fits the bill: “My fear is the government will be forever changing the face of the American free market. Because I believe so strongly in the principles of the free market and the belief in freedom, I will be opposing this bill.” Those who genuinely hold these views are mad, but honest and principled. I wish them a good depression.
A larger body of nay-voters consists of populist rabble-rousers or, worse, politicians who know better but follow the whims, fancies and passions of their constituents, even when this means that before long the real economy risks falling off a cliff. The following statement by Ted Poe, a Texan Republican member of Congress is a nice example: “New York City fatcats expect Joe Sixpack to buck up and pay for all of this nonsense,”… “Putting a financial gun to the head of every American is not the answer.”
The dedicated followers of constituency fashion reckon that the date of the election is likely to be before the full impact of the financial collapse made likely by this vote will hit their constituents’ jobs and businesses. They put re-election before the economic health of the nation and the interests of their constituents. Opportunism guides them rather than principle. I wish them a rather nasty depression.
What is likely to happen next? With a bit of luck, the House will be frightened by its own audacity and will reverse itself. If a substantively similar bill (or a better bill that addresses not just the problem of valuing toxic assets and getting them off the banks’ books, but also the problem of recapitalising the US banking sector) is passed in the next day or so, the damage can remain limited. If the markets fear that the nays have thrown their toys out of the pram for the long term, the following scenario is quite likely:
David Mattingly | BIO
AC360° CorrespondentRemember Michael Mette? He's the Chicago cop I profiled a year ago. Mette is serving 5 years in an Iowa prison for - he says - punching a guy once. The local prosecutor says Mette must have hit the victim repeatedly. Mette was off-duty with some friends and says he hit the guy once in self-defense. Mette just got finished appealing his sentence and could hear any day now that Iowa’s Court of Appeals has reversed his conviction.
He sat down with local Chicago site, Windy Citizen. Check it out.
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